Rajat Textiles, the Operational Creditor, filed a company petition under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against IRAA Clothing Private Limited, the Corporate Debtor. The Operational Creditor alleged that the Corporate Debtor defaulted in making payments for goods supplied under a 'Demand & Supply' arrangement. The Operational Creditor raised tax invoices for the supplied goods, but the Corporate Debtor failed to make the payments.
Rajat Textiles, a partnership firm (Operational Creditor), filed a petition against IRAA Clothing Private Limited (Corporate Debtor) under Section 9 of the IBC, 2016, seeking to initiate CIRP due to unpaid operational debt. The Operational Creditor and Corporate Debtor had a 'Demand & Supply' arrangement since 2017, where the Corporate Debtor would issue purchase orders, and the Operational Creditor would supply goods and raise tax invoices. The Operational Creditor raised multiple tax invoices between 2019 and 2023, totaling Rs. 1,60,81,448.44/-, but the Corporate Debtor failed to make payments. The Operational Creditor sent several emails and reminders, followed by a legal notice dated 31.01.2023. The Corporate Debtor acknowledged the debt in a letter dated
…Sign in to view the parties.
The Operational Creditor and the Corporate…
The Operational Creditor addressed several…
Rajat Textiles, the Operational Creditor, filed a company petition under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against IRAA Clothing Private Limited, the Corporate Debtor. The Operational Creditor alleged that the Corporate Debtor defaulted in making payments for goods supplied under a 'Demand & Supply' arrangement. The Operational Creditor raised tax invoices for the supplied goods, but the Corporate Debtor failed to make the payments.
Rajat Textiles, a partnership firm (Operational Creditor), filed a petition against IRAA Clothing Private Limited (Corporate Debtor) under Section 9 of the IBC, 2016, seeking to initiate CIRP due to unpaid operational debt. The Operational Creditor and Corporate Debtor had a 'Demand & Supply' arrangement since 2017, where the Corporate Debtor would issue purchase orders, and the Operational Creditor would supply goods and raise tax invoices. The Operational Creditor raised multiple tax invoices between 2019 and 2023, totaling Rs. 1,60,81,448.44/-, but the Corporate Debtor failed to make payments. The Operational Creditor sent several emails and reminders, followed by a legal notice dated 31.01.2023. The Corporate Debtor acknowledged the debt in a letter dated
…The Operational Creditor and the Corporate…
The Operational Creditor addressed several…