The case originates from a petition filed by Rajesh Kumar Parasrampuria, proprietor of Utex Corporation (Operational Creditor), under Section 9 of the Insolvency and Bankruptcy Code, 2016, against P.M. Garments Exports Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor failed to pay a sum of Rs. 17,01,424/-. The Corporate Debtor had approached the Operational Creditor for the supply of cotton hosiery yarn. The Operational Creditor supplied the goods and raised invoices, against which the Corporate Debtor made part payments, leaving a balance due.
Rajesh Kumar Parasrampuria, the proprietor of Utex Corporation, is the Operational Creditor. P.M. Garments Exports Private Limited is the Corporate Debtor. The Corporate Debtor approached the Operational Creditor for the supply of cotton hosiery yarn. The Operational Creditor supplied goods and raised nine invoices totaling Rs. 47,65,551/-. The Corporate Debtor made part payments amounting to Rs. 30,64,127/-, leaving a balance of Rs. 17,01,424/-. The date of default is 09 September, 2019. The Operational Creditor issued a statutory notice dated 03 February, 2020, which was delivered on 06 February, 2020. The application was filed on 20 February, 2020. The Corporate Debtor made a payment of Rs. 6,00,000/- during the pendency of the petition, leaving a balance of Rs.
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The case originates from a petition filed by Rajesh Kumar Parasrampuria, proprietor of Utex Corporation (Operational Creditor), under Section 9 of the Insolvency and Bankruptcy Code, 2016, against P.M. Garments Exports Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor failed to pay a sum of Rs. 17,01,424/-. The Corporate Debtor had approached the Operational Creditor for the supply of cotton hosiery yarn. The Operational Creditor supplied the goods and raised invoices, against which the Corporate Debtor made part payments, leaving a balance due.
Rajesh Kumar Parasrampuria, the proprietor of Utex Corporation, is the Operational Creditor. P.M. Garments Exports Private Limited is the Corporate Debtor. The Corporate Debtor approached the Operational Creditor for the supply of cotton hosiery yarn. The Operational Creditor supplied goods and raised nine invoices totaling Rs. 47,65,551/-. The Corporate Debtor made part payments amounting to Rs. 30,64,127/-, leaving a balance of Rs. 17,01,424/-. The date of default is 09 September, 2019. The Operational Creditor issued a statutory notice dated 03 February, 2020, which was delivered on 06 February, 2020. The application was filed on 20 February, 2020. The Corporate Debtor made a payment of Rs. 6,00,000/- during the pendency of the petition, leaving a balance of Rs.
…The Corporate Debtor…
The Operational…