The case involves an application filed by M/s Swiss Promotions Private Limited, the Operational Creditor (OC), under Section 9 r/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Johnson Watch Company Private Limited, the Corporate Debtor (CD). The OC claims that the CD defaulted on payments amounting to Rs. 1,57,03,726.94/- for supplied timepieces. The OC and CD had a long-standing business relationship with a recurring running account. The CD acknowledged the outstanding debt in emails dated 14.03.2020 and 11.05.2019. The CD also issued cheques towards part payment, some of which bounced, leading to a separate complaint under Section 138 of the
…M/s Swiss Promotions Private Limited (Operational Creditor) filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Johnson Watch Company Private Limited (Corporate Debtor) for defaulting on a payment of Rs. 1,57,03,726.94/-. The Operational Creditor supplied timepieces to the Corporate Debtor, and invoices were raised accordingly. The parties maintained a recurring running account since the inception of their business relationship. The Corporate Debtor acknowledged the outstanding debt in emails dated 14.03.2020 and 11.05.2019. The Corporate Debtor also issued cheques towards part payment, some of which bounced, leading to a separate complaint under Section 138 of the Negotiable Instruments Act. The last payment received from the
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The case involves an application filed by M/s Swiss Promotions Private Limited, the Operational Creditor (OC), under Section 9 r/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Johnson Watch Company Private Limited, the Corporate Debtor (CD). The OC claims that the CD defaulted on payments amounting to Rs. 1,57,03,726.94/- for supplied timepieces. The OC and CD had a long-standing business relationship with a recurring running account. The CD acknowledged the outstanding debt in emails dated 14.03.2020 and 11.05.2019. The CD also issued cheques towards part payment, some of which bounced, leading to a separate complaint under Section 138 of the
…M/s Swiss Promotions Private Limited (Operational Creditor) filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Johnson Watch Company Private Limited (Corporate Debtor) for defaulting on a payment of Rs. 1,57,03,726.94/-. The Operational Creditor supplied timepieces to the Corporate Debtor, and invoices were raised accordingly. The parties maintained a recurring running account since the inception of their business relationship. The Corporate Debtor acknowledged the outstanding debt in emails dated 14.03.2020 and 11.05.2019. The Corporate Debtor also issued cheques towards part payment, some of which bounced, leading to a separate complaint under Section 138 of the Negotiable Instruments Act. The last payment received from the
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Email from CD…