Rajat Textiles, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against IRAA Clothing Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted in making payments amounting to Rs. 1,60,81,448.44/-. The Operational Creditor and the Corporate Debtor had a 'Demand & Supply' arrangement since 2017, where the Corporate Debtor would issue Purchase Orders, and the Operational Creditor would deliver the products. Upon delivery, the Operational Creditor would raise tax invoices.
Rajat Textiles, a partnership firm, is the Operational Creditor. IRAA Clothing Private Limited is the Corporate Debtor. In 2017, the Operational Creditor and Corporate Debtor entered into a 'Demand & Supply' arrangement. The Corporate Debtor would issue Purchase Orders, and the Operational Creditor would deliver products as per the Purchase Orders. The Operational Creditor raised tax invoices for the delivered goods. The Corporate Debtor failed to make payments against these invoices. The Operational Creditor sent several emails and reminders between 10.10.2019 and 25.05.2021. The Corporate Debtor replied on 19.10.2022 stating that their bank accounts were frozen. The Operational Creditor issued a legal notice dated 31.01.2023, demanding payment of Rs.
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The Operational Creditor and the Corporate…
The Operational Creditor sent several emails…
Rajat Textiles, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against IRAA Clothing Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted in making payments amounting to Rs. 1,60,81,448.44/-. The Operational Creditor and the Corporate Debtor had a 'Demand & Supply' arrangement since 2017, where the Corporate Debtor would issue Purchase Orders, and the Operational Creditor would deliver the products. Upon delivery, the Operational Creditor would raise tax invoices.
Rajat Textiles, a partnership firm, is the Operational Creditor. IRAA Clothing Private Limited is the Corporate Debtor. In 2017, the Operational Creditor and Corporate Debtor entered into a 'Demand & Supply' arrangement. The Corporate Debtor would issue Purchase Orders, and the Operational Creditor would deliver products as per the Purchase Orders. The Operational Creditor raised tax invoices for the delivered goods. The Corporate Debtor failed to make payments against these invoices. The Operational Creditor sent several emails and reminders between 10.10.2019 and 25.05.2021. The Corporate Debtor replied on 19.10.2022 stating that their bank accounts were frozen. The Operational Creditor issued a legal notice dated 31.01.2023, demanding payment of Rs.
…The Operational Creditor and the Corporate…
The Operational Creditor sent several emails…