H.M. Textiles Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Jai Hind Spinning Mills Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was based on a debt arising from job work undertaken by the Corporate Debtor for the Operational Creditor, involving the conversion of cotton into yarn. The Operational Creditor claimed a default amount of Rs. 2,11,50,572/-, with the date of default stated as 01.11.2019. The Corporate Debtor disputed the claim, citing issues with the computation of the debt, the suppression of material facts, and the existence of a prior proceeding before the Debt Recovery Tribunal (DRT).
H.M. Textiles Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Jai Hind Spinning Mills Limited (Corporate Debtor) to initiate CIRP. The claim was based on a debt of Rs. 2,11,50,572/- arising from job work. The Corporate Debtor was to convert cotton into yarn for the Operational Creditor. The date of default was stated as 01.11.2019. The Operational Creditor provided raw materials, and the Corporate Debtor performed the conversion, with charges paid to the Corporate Debtor. The Operational Creditor gave an advance of Rs. 2,27,46,406/-. The Corporate Debtor stopped the conversion job work from 31.10.2019, leading to the default. The Operational Creditor served a demand notice dated
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Memorandum of Agreement…
Job Work and Personal Guarantee Agreement…
H.M. Textiles Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Jai Hind Spinning Mills Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was based on a debt arising from job work undertaken by the Corporate Debtor for the Operational Creditor, involving the conversion of cotton into yarn. The Operational Creditor claimed a default amount of Rs. 2,11,50,572/-, with the date of default stated as 01.11.2019. The Corporate Debtor disputed the claim, citing issues with the computation of the debt, the suppression of material facts, and the existence of a prior proceeding before the Debt Recovery Tribunal (DRT).
H.M. Textiles Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Jai Hind Spinning Mills Limited (Corporate Debtor) to initiate CIRP. The claim was based on a debt of Rs. 2,11,50,572/- arising from job work. The Corporate Debtor was to convert cotton into yarn for the Operational Creditor. The date of default was stated as 01.11.2019. The Operational Creditor provided raw materials, and the Corporate Debtor performed the conversion, with charges paid to the Corporate Debtor. The Operational Creditor gave an advance of Rs. 2,27,46,406/-. The Corporate Debtor stopped the conversion job work from 31.10.2019, leading to the default. The Operational Creditor served a demand notice dated
…Memorandum of Agreement…
Job Work and Personal Guarantee Agreement…