The case involves a Company Petition filed by Mr. Vikram Rathor, Proprietor of Vishnu Enterprises (Operational Creditor), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Bella Jewelry Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed an operational debt of Rs. 1,32,43,677/- with interest, arising from unpaid invoices for job work related to diamond-studded gold jewelry. The Corporate Debtor denied the debt, claiming it was exaggerated and citing financial constraints due to the Covid-19 pandemic.
Mr. Vikram Rathor, operating as Vishnu Enterprises, provided job work services related to diamond-studded gold jewelry to M/s Bella Jewelry Private Limited. A Job Work Agreement was in place between the parties. The Operational Creditor raised 37 invoices between 2018-10-10 and 2019-03-07, totaling Rs. 1,07,71,936/-. The Corporate Debtor failed to make payments as per the agreement, which stipulated payment within 10 days with an 18% p.a. interest on delayed payments. The Operational Creditor claimed a total debt of Rs. 1,32,43,677/- including interest up to 2020-03-24. The Operational Creditor issued a demand notice on 2022-05-11, which was delivered on 2022-05-25. The Corporate Debtor denied the claimed amount, stating it was exaggerated and citing financial
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Corporate Debtor and…
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The case involves a Company Petition filed by Mr. Vikram Rathor, Proprietor of Vishnu Enterprises (Operational Creditor), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Bella Jewelry Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed an operational debt of Rs. 1,32,43,677/- with interest, arising from unpaid invoices for job work related to diamond-studded gold jewelry. The Corporate Debtor denied the debt, claiming it was exaggerated and citing financial constraints due to the Covid-19 pandemic.
Mr. Vikram Rathor, operating as Vishnu Enterprises, provided job work services related to diamond-studded gold jewelry to M/s Bella Jewelry Private Limited. A Job Work Agreement was in place between the parties. The Operational Creditor raised 37 invoices between 2018-10-10 and 2019-03-07, totaling Rs. 1,07,71,936/-. The Corporate Debtor failed to make payments as per the agreement, which stipulated payment within 10 days with an 18% p.a. interest on delayed payments. The Operational Creditor claimed a total debt of Rs. 1,32,43,677/- including interest up to 2020-03-24. The Operational Creditor issued a demand notice on 2022-05-11, which was delivered on 2022-05-25. The Corporate Debtor denied the claimed amount, stating it was exaggerated and citing financial
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