M/s Gupta Fab Tex, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Bunaai Whiteofficial Pvt. Ltd., the corporate debtor, due to a default in payment of an operational debt amounting to Rs. 5,59,63,578.40/- along with 18% interest. The corporate debtor is a private limited company incorporated on 27.09.2018. The operational creditor is a partnership firm. The corporate debtor claimed there was a pre-existing dispute and that the operational creditor was not a registered firm under the Partnership Act. The corporate debtor also raised issues of limitation and set-off.
M/s Gupta Fab Tex (Operational Creditor), a partnership firm, supplied grey/dyed fabric, dyed and printed fabric and dress material to Bunaai Whiteofficial Pvt. Ltd. (Corporate Debtor) since September 2019. The Corporate Debtor raised total bills/invoices of Rs. 3,68,89,318.46/-. The Corporate Debtor made a payment of Rs. 28,39,257/- on 26.08.2021, but no further payments were made. The ledger balance showed an outstanding balance of Rs. 3,03,89,318.46/- as on 31.03.2022. A Demand Notice dated 10.01.2023 was issued by the Operational Creditor for the outstanding amount of Rs. 5,59,63,578.40/-, which includes principal and interest at 18% per annum. The Corporate Debtor claimed a pre-existing dispute, stating that the partners of the Operational Creditor and the
…Sign in to view the parties.
Bunaai Whiteofficial…
Corporate Debtor started placing orders with…
M/s Gupta Fab Tex, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Bunaai Whiteofficial Pvt. Ltd., the corporate debtor, due to a default in payment of an operational debt amounting to Rs. 5,59,63,578.40/- along with 18% interest. The corporate debtor is a private limited company incorporated on 27.09.2018. The operational creditor is a partnership firm. The corporate debtor claimed there was a pre-existing dispute and that the operational creditor was not a registered firm under the Partnership Act. The corporate debtor also raised issues of limitation and set-off.
M/s Gupta Fab Tex (Operational Creditor), a partnership firm, supplied grey/dyed fabric, dyed and printed fabric and dress material to Bunaai Whiteofficial Pvt. Ltd. (Corporate Debtor) since September 2019. The Corporate Debtor raised total bills/invoices of Rs. 3,68,89,318.46/-. The Corporate Debtor made a payment of Rs. 28,39,257/- on 26.08.2021, but no further payments were made. The ledger balance showed an outstanding balance of Rs. 3,03,89,318.46/- as on 31.03.2022. A Demand Notice dated 10.01.2023 was issued by the Operational Creditor for the outstanding amount of Rs. 5,59,63,578.40/-, which includes principal and interest at 18% per annum. The Corporate Debtor claimed a pre-existing dispute, stating that the partners of the Operational Creditor and the
…Bunaai Whiteofficial…
Corporate Debtor started placing orders with…