Sunfocus Solutions Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Jewel Garments Private Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs. 21,13,000/- for the development of a website for the Corporate Debtor. The Corporate Debtor acknowledged the debt but cited adverse financial conditions as the reason for non-payment.
Sunfocus Solutions Private Limited (Operational Creditor) entered into an agreement with Jewel Garments Private Limited (Corporate Debtor) on 02.07.2019 for the development of a website for trading garments and textiles. The Operational Creditor raised two invoices, DOM-29 dated 06.08.2019 and DOM-35 dated 29.08.2019, totaling Rs. 21,13,000. The Corporate Debtor defaulted on payment, with the default occurring on 13.09.2019. A demand notice in Form 3 dated 03.02.2020 was sent to the Corporate Debtor. The Corporate Debtor acknowledged the debt in an email dated 24.02.2020, citing insufficient funds. The application under Section 9 of the IBC was filed on 13.03.2020 and refiled on 02.11.2020. The Corporate Debtor admitted its inability to repay the debt due to adverse
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Operational Creditor and Corporate Debtor…
Operational C…
Sunfocus Solutions Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Jewel Garments Private Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs. 21,13,000/- for the development of a website for the Corporate Debtor. The Corporate Debtor acknowledged the debt but cited adverse financial conditions as the reason for non-payment.
Sunfocus Solutions Private Limited (Operational Creditor) entered into an agreement with Jewel Garments Private Limited (Corporate Debtor) on 02.07.2019 for the development of a website for trading garments and textiles. The Operational Creditor raised two invoices, DOM-29 dated 06.08.2019 and DOM-35 dated 29.08.2019, totaling Rs. 21,13,000. The Corporate Debtor defaulted on payment, with the default occurring on 13.09.2019. A demand notice in Form 3 dated 03.02.2020 was sent to the Corporate Debtor. The Corporate Debtor acknowledged the debt in an email dated 24.02.2020, citing insufficient funds. The application under Section 9 of the IBC was filed on 13.03.2020 and refiled on 02.11.2020. The Corporate Debtor admitted its inability to repay the debt due to adverse
…Operational Creditor and Corporate Debtor…
Operational C…