Sangam (India) Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Hari Govind Texfab (India) Private Limited, the Respondent. The Applicant claimed that the Respondent defaulted on payments for denim fabric supplied between 2008 and 2019. Despite a formal understanding for timely payments with a 45-day credit period and 15% interest on default, the Respondent failed to pay the outstanding balance. The Applicant submitted a computation of dues, including principal and interest, with the first invoice dated 20.05.2013 and the last on 26.12.2015. The last payment received was Rs. 3,50,000 on 14.06.2019.
Sangam (India) Limited (Applicant/Operational Creditor) supplied denim fabric to M/s Hari Govind Texfab (India) Private Limited (Respondent) between 03.10.2008 and 14.06.2019, totaling Rs. 22,86,55,497/-. The Respondent paid Rs. 20,44,15,371/- on a running account basis, leaving an outstanding balance of Rs. 2,42,40,126/-. The terms included a 45-day credit period and 15% per annum interest on default. The Applicant claimed a total debt of Rs. 5,82,09,276/-, including principal, accrued interest, and old interest, as of 30.09.2021. The first invoice was dated 20.05.2013, and the last was dated 26.12.2015. The last payment of Rs. 3,50,000/- was made on 14.06.2019. The Corporate Debtor failed to make timely payments, leading to the debt falling due. The Applicant issued
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Sangam (India) Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Hari Govind Texfab (India) Private Limited, the Respondent. The Applicant claimed that the Respondent defaulted on payments for denim fabric supplied between 2008 and 2019. Despite a formal understanding for timely payments with a 45-day credit period and 15% interest on default, the Respondent failed to pay the outstanding balance. The Applicant submitted a computation of dues, including principal and interest, with the first invoice dated 20.05.2013 and the last on 26.12.2015. The last payment received was Rs. 3,50,000 on 14.06.2019.
Sangam (India) Limited (Applicant/Operational Creditor) supplied denim fabric to M/s Hari Govind Texfab (India) Private Limited (Respondent) between 03.10.2008 and 14.06.2019, totaling Rs. 22,86,55,497/-. The Respondent paid Rs. 20,44,15,371/- on a running account basis, leaving an outstanding balance of Rs. 2,42,40,126/-. The terms included a 45-day credit period and 15% per annum interest on default. The Applicant claimed a total debt of Rs. 5,82,09,276/-, including principal, accrued interest, and old interest, as of 30.09.2021. The first invoice was dated 20.05.2013, and the last was dated 26.12.2015. The last payment of Rs. 3,50,000/- was made on 14.06.2019. The Corporate Debtor failed to make timely payments, leading to the debt falling due. The Applicant issued
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