The case involves a petition filed by Sichuan Gent Imp & Exp Co. Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, against K. P. Garments Private Limited (Corporate Debtor). The Operational Creditor sought to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor for failing to pay a sum of Rs. 64,71,902/-. The Corporate Debtor argued that the claim was time-barred and disputed the invoices.
Sichuan Gent Imp & Exp Co. Limited (Operational Creditor) filed a petition against K. P. Garments Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to Rs. 64,71,902/- for raw silk yarn supplied. The Corporate Debtor made ad hoc payments until July 10, 2015, but a balance of Rs. 34,84,033/- remained outstanding, along with interest at 18% p.a. from June 16, 2013, to March 20, 2018. The Operational Creditor issued reminder letters and a demand notice, to which the Corporate Debtor replied, disputing the claim. The Corporate Debtor argued that the claim was time-barred, the invoices were false and
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K. P. Garments…
Start date of invoices…
The case involves a petition filed by Sichuan Gent Imp & Exp Co. Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, against K. P. Garments Private Limited (Corporate Debtor). The Operational Creditor sought to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor for failing to pay a sum of Rs. 64,71,902/-. The Corporate Debtor argued that the claim was time-barred and disputed the invoices.
Sichuan Gent Imp & Exp Co. Limited (Operational Creditor) filed a petition against K. P. Garments Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to Rs. 64,71,902/- for raw silk yarn supplied. The Corporate Debtor made ad hoc payments until July 10, 2015, but a balance of Rs. 34,84,033/- remained outstanding, along with interest at 18% p.a. from June 16, 2013, to March 20, 2018. The Operational Creditor issued reminder letters and a demand notice, to which the Corporate Debtor replied, disputing the claim. The Corporate Debtor argued that the claim was time-barred, the invoices were false and
…K. P. Garments…
Start date of invoices…