The application was filed on 2020-03-12 under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by Jayatma Industries Limited (Operational Creditor) to initiate the Corporate Insolvency Resolution Process (CIRP) against Gujarat Hy-Spin Limited (Corporate Debtor). The applicant claimed a total sum of Rs. 1,83,99,265/- due and payable by the corporate debtor towards invoices raised between 2018-07-29 and 2018-08-30 for the supply of cotton bales. The applicant issued a demand notice on 2020-02-10 under Section 8 of the IBC, which was delivered to the corporate debtor on 2020-02-26. The corporate debtor raised objections, including that each supply of cotton
…Jayatma Industries Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Gujarat Hy-Spin Limited (Corporate Debtor). The application was filed on 2020-03-12. The operational creditor claimed that the corporate debtor owed Rs. 1,83,99,265/- for cotton bales supplied between 2018-07-29 and 2018-08-30. A demand notice was issued on 2020-02-10 under Section 8 of the IBC and delivered on 2020-02-26. The corporate debtor raised objections, including that each supply was a separate transaction, the application was time-barred, there were pre-existing disputes, the cotton was of inferior quality, and the applicant was not an operational
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The application was filed on 2020-03-12 under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by Jayatma Industries Limited (Operational Creditor) to initiate the Corporate Insolvency Resolution Process (CIRP) against Gujarat Hy-Spin Limited (Corporate Debtor). The applicant claimed a total sum of Rs. 1,83,99,265/- due and payable by the corporate debtor towards invoices raised between 2018-07-29 and 2018-08-30 for the supply of cotton bales. The applicant issued a demand notice on 2020-02-10 under Section 8 of the IBC, which was delivered to the corporate debtor on 2020-02-26. The corporate debtor raised objections, including that each supply of cotton
…Jayatma Industries Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Gujarat Hy-Spin Limited (Corporate Debtor). The application was filed on 2020-03-12. The operational creditor claimed that the corporate debtor owed Rs. 1,83,99,265/- for cotton bales supplied between 2018-07-29 and 2018-08-30. A demand notice was issued on 2020-02-10 under Section 8 of the IBC and delivered on 2020-02-26. The corporate debtor raised objections, including that each supply was a separate transaction, the application was time-barred, there were pre-existing disputes, the cotton was of inferior quality, and the applicant was not an operational
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