YS Marchandise International Pvt. Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate its own corporate insolvency resolution process (CIRP). The company is involved in the business of purchasing and selling goods, including footwear, apparel, and accessories. In 2016, Lotto SSIPL Lifestyles Pvt. Ltd., a major partner, withdrew from the business. Demonetization further impacted the business, leading to unsold stock for 10-12 months. The company faced difficulties in paying suppliers and availed credit from Zen Lefin Pvt. Ltd. and Neogrowth Credit Pvt. Ltd. Legal notices were received from suppliers like Adidas India Marketing Pvt. Ltd. and M & B Footwear Pvt. Ltd. due to non-payment.
YS Marchandise International Pvt. Ltd. initiated CIRP under Section 10 of the IBC, 2016. The company's business involves trading footwear, apparel, and accessories. A major partner, Lotto SSIPL Lifestyles Pvt. Ltd., withdrew in 2016, impacting the business. Demonetization led to unsold stock and financial difficulties. The company availed credit from Zen Lefin Pvt. Ltd. and Neogrowth Credit Pvt. Ltd. Legal notices were received from Adidas India Marketing Pvt. Ltd. and M & B Footwear Pvt. Ltd. due to outstanding payments. Capfloat Financial Services Pvt. Ltd., a financial creditor, objected, alleging fund siphoning. The Corporate Applicant denied the allegations and stated that it is not disqualified under Section 11 of the Code. The Tribunal considered legal
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Lotto SSIPL Lifestyles Pvt. Ltd., a major…
Order was deli…
YS Marchandise International Pvt. Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate its own corporate insolvency resolution process (CIRP). The company is involved in the business of purchasing and selling goods, including footwear, apparel, and accessories. In 2016, Lotto SSIPL Lifestyles Pvt. Ltd., a major partner, withdrew from the business. Demonetization further impacted the business, leading to unsold stock for 10-12 months. The company faced difficulties in paying suppliers and availed credit from Zen Lefin Pvt. Ltd. and Neogrowth Credit Pvt. Ltd. Legal notices were received from suppliers like Adidas India Marketing Pvt. Ltd. and M & B Footwear Pvt. Ltd. due to non-payment.
YS Marchandise International Pvt. Ltd. initiated CIRP under Section 10 of the IBC, 2016. The company's business involves trading footwear, apparel, and accessories. A major partner, Lotto SSIPL Lifestyles Pvt. Ltd., withdrew in 2016, impacting the business. Demonetization led to unsold stock and financial difficulties. The company availed credit from Zen Lefin Pvt. Ltd. and Neogrowth Credit Pvt. Ltd. Legal notices were received from Adidas India Marketing Pvt. Ltd. and M & B Footwear Pvt. Ltd. due to outstanding payments. Capfloat Financial Services Pvt. Ltd., a financial creditor, objected, alleging fund siphoning. The Corporate Applicant denied the allegations and stated that it is not disqualified under Section 11 of the Code. The Tribunal considered legal
…Lotto SSIPL Lifestyles Pvt. Ltd., a major…
Order was deli…