The Operational Creditor (OC), a wholesaler of alcohol spirits, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) against the Corporate Debtor (CD), a retailer, for non-payment of outstanding dues. The OC had supplied alcohol beverages to the CD, raising regular invoices. The CD admitted to a portion of the debt, but disputed the total amount claimed by the OC. The OC issued a statutory demand notice under Section 8 of IBC, which the CD did not reply to, leading to the filing of the Section 9 petition.
M/s. Indo Spirits (Operational Creditor) filed a petition against Popular Spirits LLP (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Operational Creditor (OC) is a wholesaler of alcohol spirits, while the Corporate Debtor (CD) is a retailer. The OC supplied alcohol beverages to the CD and raised regular invoices. The CD admitted to an outstanding amount of Rs. 3,85,38,406/- as per ledger balance reconciliation for the period 01.06.2022 to 30.06.2022. The OC issued a statutory demand notice dated 23.12.2023 under Section 8 of IBC demanding outstanding debt of Rs. 7,39,70,851/- as on 20.12.2022. The CD did not reply to the demand notice. The CD partially admitted the debt of Rs. 3.65 Crores but disputed the total amount. The CD
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The Operational Creditor (OC), a wholesaler of alcohol spirits, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) against the Corporate Debtor (CD), a retailer, for non-payment of outstanding dues. The OC had supplied alcohol beverages to the CD, raising regular invoices. The CD admitted to a portion of the debt, but disputed the total amount claimed by the OC. The OC issued a statutory demand notice under Section 8 of IBC, which the CD did not reply to, leading to the filing of the Section 9 petition.
M/s. Indo Spirits (Operational Creditor) filed a petition against Popular Spirits LLP (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Operational Creditor (OC) is a wholesaler of alcohol spirits, while the Corporate Debtor (CD) is a retailer. The OC supplied alcohol beverages to the CD and raised regular invoices. The CD admitted to an outstanding amount of Rs. 3,85,38,406/- as per ledger balance reconciliation for the period 01.06.2022 to 30.06.2022. The OC issued a statutory demand notice dated 23.12.2023 under Section 8 of IBC demanding outstanding debt of Rs. 7,39,70,851/- as on 20.12.2022. The CD did not reply to the demand notice. The CD partially admitted the debt of Rs. 3.65 Crores but disputed the total amount. The CD
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