The case involves an application filed by M/s. Ambica Auxiliaries Pvt. Ltd., the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) for initiating the Corporate Insolvency Resolution Process (CIRP) against M/s. Jinaam's Dress Ltd., the Corporate Debtor. The application was based on the Corporate Debtor's alleged default in paying an operational debt of Rs. 30,95,734/-. The Operational Creditor claimed to have supplied goods to the Corporate Debtor between 01.06.2018 and 09.03.2019, raising invoices totaling Rs. 22,80,216, with the outstanding amount, including interest, reaching Rs. 30,95,734/-. A demand notice dated 28.12.2020 was issued to the Corporate Debtor, but the debt remained unpaid, and no reply was received.
M/s. Ambica Auxiliaries Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Jinaam's Dress Ltd. (Corporate Debtor). The application was based on an alleged default of Rs. 30,95,734/-. The Operational Creditor claimed to have supplied goods to the Corporate Debtor between 01.06.2018 and 09.03.2019, raising invoices totaling Rs. 22,80,216/-. A demand notice dated 28.12.2020 was issued to the Corporate Debtor, but the debt remained unpaid. The Corporate Debtor contested the application, arguing the absence of a specified default date and that the debt amount did not meet the threshold limit under Section 4 of the IBC, 2016. The Learned
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Operational Creditor…
Operational Creditor…
The case involves an application filed by M/s. Ambica Auxiliaries Pvt. Ltd., the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) for initiating the Corporate Insolvency Resolution Process (CIRP) against M/s. Jinaam's Dress Ltd., the Corporate Debtor. The application was based on the Corporate Debtor's alleged default in paying an operational debt of Rs. 30,95,734/-. The Operational Creditor claimed to have supplied goods to the Corporate Debtor between 01.06.2018 and 09.03.2019, raising invoices totaling Rs. 22,80,216, with the outstanding amount, including interest, reaching Rs. 30,95,734/-. A demand notice dated 28.12.2020 was issued to the Corporate Debtor, but the debt remained unpaid, and no reply was received.
M/s. Ambica Auxiliaries Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Jinaam's Dress Ltd. (Corporate Debtor). The application was based on an alleged default of Rs. 30,95,734/-. The Operational Creditor claimed to have supplied goods to the Corporate Debtor between 01.06.2018 and 09.03.2019, raising invoices totaling Rs. 22,80,216/-. A demand notice dated 28.12.2020 was issued to the Corporate Debtor, but the debt remained unpaid. The Corporate Debtor contested the application, arguing the absence of a specified default date and that the debt amount did not meet the threshold limit under Section 4 of the IBC, 2016. The Learned
…Operational Creditor…
Operational Creditor…