Nova Tex, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Goddess Textiles Private Limited, the corporate debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was filed due to outstanding dues of Rs. 1,83,52,196.40 for the supply of Viscose Stable Fiber, Lenzing Loyocell, Viscose Excell Fiber etc. The corporate debtor acknowledged the debt but sought time to pay, citing financial difficulties due to the Covid-19 pandemic. The Adjudicating Authority directed the applicant to submit the date of default, which was determined to be 10.08.2023 based on the NesL report.
Nova Tex, a partnership firm, supplied Viscose Stable Fiber, Lenzing Loyocell, Viscose Excell Fiber etc. to Goddess Textiles Private Limited. The Corporate Debtor placed orders with the Operational Creditor, and the goods were delivered under various invoice bills and delivery challans. The total amount due was Rs. 1,83,52,196.40. The Corporate Debtor acknowledged the debt and assured the Operational Creditor of payment. The last payment was made on 29.04.2023. The Operational Creditor issued a demand notice on 10.08.2023. The Corporate Debtor faced financial difficulties and sought six months to pay the debt. The NesL report confirmed the default with a default date of 10.08.2023. The Corporate Debtor did not dispute the business transaction or the debt amount.
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Nova Tex, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Goddess Textiles Private Limited, the corporate debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was filed due to outstanding dues of Rs. 1,83,52,196.40 for the supply of Viscose Stable Fiber, Lenzing Loyocell, Viscose Excell Fiber etc. The corporate debtor acknowledged the debt but sought time to pay, citing financial difficulties due to the Covid-19 pandemic. The Adjudicating Authority directed the applicant to submit the date of default, which was determined to be 10.08.2023 based on the NesL report.
Nova Tex, a partnership firm, supplied Viscose Stable Fiber, Lenzing Loyocell, Viscose Excell Fiber etc. to Goddess Textiles Private Limited. The Corporate Debtor placed orders with the Operational Creditor, and the goods were delivered under various invoice bills and delivery challans. The total amount due was Rs. 1,83,52,196.40. The Corporate Debtor acknowledged the debt and assured the Operational Creditor of payment. The last payment was made on 29.04.2023. The Operational Creditor issued a demand notice on 10.08.2023. The Corporate Debtor faced financial difficulties and sought six months to pay the debt. The NesL report confirmed the default with a default date of 10.08.2023. The Corporate Debtor did not dispute the business transaction or the debt amount.
The Insolven…
Last payment was made…