M/s. Woven and Knit, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Prodo Technologies Private Limited, the Corporate Debtor, due to outstanding dues.
The Applicant, Woven and Knit, claimed an outstanding debt of ₹1,74,21,694/- from the Respondent, Prodo Technologies Private Limited.
The Applicant and Respondent had a business relationship since July 2023, with the Applicant supplying goods to the Respondent.
The Applicant raised tax invoices for goods supplied amounting to ₹2,28,44,148/-, against which the Respondent made part-payments of ₹80,80,000/-.
The Applicant sent emails to the Corporate Debtor on 23.07.2024, 04.09.2024, and 22.09.2024, demanding payment of outstanding dues.
The Applicant issued a demand notice dated 30.09.2024 to the Corporate Debtor under Section 8(1) of the IBC.
The Respondent claimed a bona fide dispute regarding the quality of goods and reconciliation of accounts.
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The Applicant and…
The Applicant sent an…
M/s. Woven and Knit, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Prodo Technologies Private Limited, the Corporate Debtor, due to outstanding dues.
The Applicant, Woven and Knit, claimed an outstanding debt of ₹1,74,21,694/- from the Respondent, Prodo Technologies Private Limited.
The Applicant and Respondent had a business relationship since July 2023, with the Applicant supplying goods to the Respondent.
The Applicant raised tax invoices for goods supplied amounting to ₹2,28,44,148/-, against which the Respondent made part-payments of ₹80,80,000/-.
The Applicant sent emails to the Corporate Debtor on 23.07.2024, 04.09.2024, and 22.09.2024, demanding payment of outstanding dues.
The Applicant issued a demand notice dated 30.09.2024 to the Corporate Debtor under Section 8(1) of the IBC.
The Respondent claimed a bona fide dispute regarding the quality of goods and reconciliation of accounts.
…The Applicant and…
The Applicant sent an…