The case involves an application filed by Mr. Sanjay Soni, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Ganga Business Private Limited, the Corporate Debtor, due to an alleged default in payment of Rs. 98,95,62,809/-. The Operational Creditor claims to have supplied Gems and Gold Ornaments to the Corporate Debtor, who failed to make payments as agreed.
Mr. Sanjay Soni, the Operational Creditor, is a sole proprietor engaged in the business of manufacturing, wholesale/retail trading, exporting, and supplying precious gemstones and jewelry. M/s. Ganga Business Private Limited, the Corporate Debtor, is a company registered under the Companies Act, 1956, involved in the wholesale/retail trade of gems and precious stones. In January 2015, the Corporate Debtor approached the Operational Creditor expressing interest in buying gems and gold ornaments. The Operational Creditor agreed to sell the goods as per order and requirement, following the usual business practice. On 23.01.2015, the Corporate Debtor purchased 4090.300 gms of 18 Carat Gold Ornaments for Rs. 94,69,044. The Operational Creditor raised Tax Invoice No. 8 dated
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The Corporate Debtor expressed interest in…
The Corporate Debtor…
The case involves an application filed by Mr. Sanjay Soni, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Ganga Business Private Limited, the Corporate Debtor, due to an alleged default in payment of Rs. 98,95,62,809/-. The Operational Creditor claims to have supplied Gems and Gold Ornaments to the Corporate Debtor, who failed to make payments as agreed.
Mr. Sanjay Soni, the Operational Creditor, is a sole proprietor engaged in the business of manufacturing, wholesale/retail trading, exporting, and supplying precious gemstones and jewelry. M/s. Ganga Business Private Limited, the Corporate Debtor, is a company registered under the Companies Act, 1956, involved in the wholesale/retail trade of gems and precious stones. In January 2015, the Corporate Debtor approached the Operational Creditor expressing interest in buying gems and gold ornaments. The Operational Creditor agreed to sell the goods as per order and requirement, following the usual business practice. On 23.01.2015, the Corporate Debtor purchased 4090.300 gms of 18 Carat Gold Ornaments for Rs. 94,69,044. The Operational Creditor raised Tax Invoice No. 8 dated
…The Corporate Debtor expressed interest in…
The Corporate Debtor…