The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/S Merchens Karton-und Paper Fabric GMBH (Operational Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Franco Leone Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 12,21,663.65 for supplying insole boards and shank boards. The Corporate Debtor contended that there was a pre-existing dispute regarding the quality of the supplied goods, and the demand notice was not validly issued.
M/S Merchens Karton-und Paper Fabric GMBH (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Franco Leone Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 12,21,663.65 for supplying insole boards and shank boards. Invoice No. 423777 dated 02.02.2017 was issued to the Corporate Debtor for EUR 15058.10 (equivalent to Rs. 12,21,663.65). The Corporate Debtor argued that there was a pre-existing dispute regarding the quality of the supplied goods, and the demand notice was not validly issued. The Corporate Debtor claimed that the Operational Creditor was doing business in India
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The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/S Merchens Karton-und Paper Fabric GMBH (Operational Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Franco Leone Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 12,21,663.65 for supplying insole boards and shank boards. The Corporate Debtor contended that there was a pre-existing dispute regarding the quality of the supplied goods, and the demand notice was not validly issued.
M/S Merchens Karton-und Paper Fabric GMBH (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Franco Leone Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 12,21,663.65 for supplying insole boards and shank boards. Invoice No. 423777 dated 02.02.2017 was issued to the Corporate Debtor for EUR 15058.10 (equivalent to Rs. 12,21,663.65). The Corporate Debtor argued that there was a pre-existing dispute regarding the quality of the supplied goods, and the demand notice was not validly issued. The Corporate Debtor claimed that the Operational Creditor was doing business in India
…Operational Creditor shipped material to…
Operational Creditor sent an e-mail dated…