The case involves an application filed by Mrs. Leena Salot, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Ridham Synthetics Private Limited, the Corporate Debtor, for an operational debt of Rs. 1,36,06,646.70. The Operational Creditor claims that the Corporate Debtor approached them in 2015 for the purchase of textile materials, and both parties agreed to enter into business via an oral agreement. The Corporate Debtor placed several orders, which were duly delivered, and the Operational Creditor raised tax invoices from F.Y. 2015-16 to F.Y. 2022-23.
In 2015, Ridham Synthetics Private Limited (Corporate Debtor) approached Leena Salot (Operational Creditor) for purchasing textile materials. An oral agreement was made, and the Corporate Debtor placed orders that were delivered by the Operational Creditor, who then raised tax invoices from F.Y. 2015-16 to F.Y. 2022-23. The Operational Creditor claims the Corporate Debtor acknowledged liability via email on 2022-06-23, with part payments made. However, the Corporate Debtor disputes the invoices, citing quality issues and non-supply of goods, and claims the petition was filed with malafide intentions. The Corporate Debtor also argues that the Operational Creditor attempted arbitration before filing the petition, indicating forum hunting. The Operational Creditor issued
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Corporate Debtor approached Operational…
Operational Creditor raised tax invoices for…
The case involves an application filed by Mrs. Leena Salot, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Ridham Synthetics Private Limited, the Corporate Debtor, for an operational debt of Rs. 1,36,06,646.70. The Operational Creditor claims that the Corporate Debtor approached them in 2015 for the purchase of textile materials, and both parties agreed to enter into business via an oral agreement. The Corporate Debtor placed several orders, which were duly delivered, and the Operational Creditor raised tax invoices from F.Y. 2015-16 to F.Y. 2022-23.
In 2015, Ridham Synthetics Private Limited (Corporate Debtor) approached Leena Salot (Operational Creditor) for purchasing textile materials. An oral agreement was made, and the Corporate Debtor placed orders that were delivered by the Operational Creditor, who then raised tax invoices from F.Y. 2015-16 to F.Y. 2022-23. The Operational Creditor claims the Corporate Debtor acknowledged liability via email on 2022-06-23, with part payments made. However, the Corporate Debtor disputes the invoices, citing quality issues and non-supply of goods, and claims the petition was filed with malafide intentions. The Corporate Debtor also argues that the Operational Creditor attempted arbitration before filing the petition, indicating forum hunting. The Operational Creditor issued
…Corporate Debtor approached Operational…
Operational Creditor raised tax invoices for…