The case involves a petition filed by Deepak Kalanand Jha (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Dhruv Wellness Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of an outstanding debt of Rs. 4,08,81,916/-. The Operational Creditor supplied products to the Corporate Debtor based on a purchase order, but the Corporate Debtor failed to make full payment. Despite acknowledging the debt and making partial payments, the Corporate Debtor failed to settle the outstanding amount, leading to the filing of the petition.
Deepak Kalanand Jha, an operational creditor, supplied cosmetics and general items to Dhruv Wellness Limited, a corporate debtor, based on a purchase order dated 15.03.2019. The total value of the supplied products was Rs. 5,81,22,064/-, evidenced by 36 invoices and delivery challans. The payment terms stipulated immediate payment upon delivery, but the corporate debtor only remitted Rs. 1,72,40,148/-. The operational creditor issued a letter dated 31.05.2019, discontinuing further supply until the outstanding balance was paid. The corporate debtor made partial payments totaling Rs. 3,67,534/- after the notice. The corporate debtor consistently confirmed the outstanding balances for the financial years ending 31.03.2020, 31.03.2021, and 31.03.2022. The operational
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Purchase order issued by Dhruv Wellness Limited…
Start date of the period during which various…
The case involves a petition filed by Deepak Kalanand Jha (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Dhruv Wellness Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of an outstanding debt of Rs. 4,08,81,916/-. The Operational Creditor supplied products to the Corporate Debtor based on a purchase order, but the Corporate Debtor failed to make full payment. Despite acknowledging the debt and making partial payments, the Corporate Debtor failed to settle the outstanding amount, leading to the filing of the petition.
Deepak Kalanand Jha, an operational creditor, supplied cosmetics and general items to Dhruv Wellness Limited, a corporate debtor, based on a purchase order dated 15.03.2019. The total value of the supplied products was Rs. 5,81,22,064/-, evidenced by 36 invoices and delivery challans. The payment terms stipulated immediate payment upon delivery, but the corporate debtor only remitted Rs. 1,72,40,148/-. The operational creditor issued a letter dated 31.05.2019, discontinuing further supply until the outstanding balance was paid. The corporate debtor made partial payments totaling Rs. 3,67,534/- after the notice. The corporate debtor consistently confirmed the outstanding balances for the financial years ending 31.03.2020, 31.03.2021, and 31.03.2022. The operational
…Purchase order issued by Dhruv Wellness Limited…
Start date of the period during which various…