M/s. Major Brands (India) Private Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Gaurik Fashions Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted in making payments for stocks, rentals, and secondary sales. The corporate debtor argued that a pre-existing dispute existed between the parties regarding the amount of debt, non-fulfillment of promises, and breach of covenants of term sheets.
M/s. Major Brands (India) Private Limited (Operational Creditor) filed a petition against M/s. Gaurik Fashions Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for stocks, rentals, and secondary sales amounting to INR 2,06,29,997/- as of December 31, 2019, plus interest. The Corporate Debtor argued that a pre-existing dispute existed, citing email correspondence and replies to legal notices. The Operational Creditor supplied stocks to the Corporate Debtor for stores in Elante Mall (Chandigarh) and Pavilion Mall (Ludhiana) under term sheets dated September 2, 2017. The terms included outright sales with 100% stock correction, subject to Sale or
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Two term sheets were executed between the…
The last payment which was received by the…
M/s. Major Brands (India) Private Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Gaurik Fashions Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted in making payments for stocks, rentals, and secondary sales. The corporate debtor argued that a pre-existing dispute existed between the parties regarding the amount of debt, non-fulfillment of promises, and breach of covenants of term sheets.
M/s. Major Brands (India) Private Limited (Operational Creditor) filed a petition against M/s. Gaurik Fashions Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for stocks, rentals, and secondary sales amounting to INR 2,06,29,997/- as of December 31, 2019, plus interest. The Corporate Debtor argued that a pre-existing dispute existed, citing email correspondence and replies to legal notices. The Operational Creditor supplied stocks to the Corporate Debtor for stores in Elante Mall (Chandigarh) and Pavilion Mall (Ludhiana) under term sheets dated September 2, 2017. The terms included outright sales with 100% stock correction, subject to Sale or
…Two term sheets were executed between the…
The last payment which was received by the…