The case involves a petition filed by Major Brands (India) Pvt. Ltd. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against No Exit Clothing Private Limited (Corporate Debtor). The parties had a shop-in-shop agreement dated 01.06.2012, where the Operational Creditor supplied goods to the Corporate Debtor on a sale or return basis. Payments were to be made monthly, and unsold stocks were to be returned. The agreement expired on 31.05.2015, with the last payment made on 04.10.2016. The Operational Creditor claims an outstanding amount of Rs. 1,38,72,116, which the Corporate Debtor disputes, citing issues with account reconciliation and limitation.
Major Brands (India) Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against No Exit Clothing Private Limited (Corporate Debtor). A shop-in-shop agreement dated 01.06.2012 existed between the parties, where the Operational Creditor supplied goods to the Corporate Debtor on a sale or return basis. The agreement stipulated monthly payments for sold quantities and return of unsold stocks. The agreement expired on 31.05.2015, and the last payment was made on 04.10.2016. The Operational Creditor claims an outstanding amount of Rs. 1,38,72,116, while the Corporate Debtor disputes this amount, citing issues with account reconciliation and limitation. The
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Parties executed a shop-in-shop agreement…
The shop-in-shop…
The case involves a petition filed by Major Brands (India) Pvt. Ltd. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against No Exit Clothing Private Limited (Corporate Debtor). The parties had a shop-in-shop agreement dated 01.06.2012, where the Operational Creditor supplied goods to the Corporate Debtor on a sale or return basis. Payments were to be made monthly, and unsold stocks were to be returned. The agreement expired on 31.05.2015, with the last payment made on 04.10.2016. The Operational Creditor claims an outstanding amount of Rs. 1,38,72,116, which the Corporate Debtor disputes, citing issues with account reconciliation and limitation.
Major Brands (India) Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against No Exit Clothing Private Limited (Corporate Debtor). A shop-in-shop agreement dated 01.06.2012 existed between the parties, where the Operational Creditor supplied goods to the Corporate Debtor on a sale or return basis. The agreement stipulated monthly payments for sold quantities and return of unsold stocks. The agreement expired on 31.05.2015, and the last payment was made on 04.10.2016. The Operational Creditor claims an outstanding amount of Rs. 1,38,72,116, while the Corporate Debtor disputes this amount, citing issues with account reconciliation and limitation. The
…Parties executed a shop-in-shop agreement…
The shop-in-shop…