Shanaya Fashions filed a company petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Worldstar Fabric LLP, the Corporate Debtor. The petition alleges that the Corporate Debtor defaulted on payments amounting to Rs. 2,56,30,190/- against various invoices raised by Shanaya Fashions. The invoices were for goods supplied between January 1, 2018, and March 5, 2018. The petitioner issued a demand notice, and the corporate debtor replied, citing financial difficulties and customer defaults as reasons for non-payment.
Shanaya Fashions (the Petitioner) is a manufacturer of wearing apparel. Worldstar Fabric LLP (the Corporate Debtor) placed orders with Shanaya Fashions. Shanaya Fashions supplied and delivered goods to Worldstar Fabric LLP between January 1, 2018, and March 5, 2018, raising 24 invoices totaling Rs. 2,59,30,190/-, payable within 7 days of the invoice date. The Corporate Debtor defaulted on payments. Shanaya Fashions issued a demand notice on May 9, 2018, claiming Rs. 2,59,30,190/-. The Corporate Debtor replied on May 11, 2018, citing financial difficulties due to customer defaults. The Corporate Debtor requested the Petitioner not to initiate legal proceedings. The Corporate Debtor later raised issues of financial difficulties, defective goods, and short supply as
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Shanaya Fashions filed a company petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Worldstar Fabric LLP, the Corporate Debtor. The petition alleges that the Corporate Debtor defaulted on payments amounting to Rs. 2,56,30,190/- against various invoices raised by Shanaya Fashions. The invoices were for goods supplied between January 1, 2018, and March 5, 2018. The petitioner issued a demand notice, and the corporate debtor replied, citing financial difficulties and customer defaults as reasons for non-payment.
Shanaya Fashions (the Petitioner) is a manufacturer of wearing apparel. Worldstar Fabric LLP (the Corporate Debtor) placed orders with Shanaya Fashions. Shanaya Fashions supplied and delivered goods to Worldstar Fabric LLP between January 1, 2018, and March 5, 2018, raising 24 invoices totaling Rs. 2,59,30,190/-, payable within 7 days of the invoice date. The Corporate Debtor defaulted on payments. Shanaya Fashions issued a demand notice on May 9, 2018, claiming Rs. 2,59,30,190/-. The Corporate Debtor replied on May 11, 2018, citing financial difficulties due to customer defaults. The Corporate Debtor requested the Petitioner not to initiate legal proceedings. The Corporate Debtor later raised issues of financial difficulties, defective goods, and short supply as
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Last date of goods…