The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Ms. Babitha Sancheti, Proprietor of M/s. Pioneer Enterprises (Operational Creditor), against M/s. Sakthi Ganesh Textiles (P) Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default on payments for the supply of cotton bales. The Corporate Debtor allegedly defaulted since June 2022, leading to a total debt of Rs.3,83,01,309/- as of 25.10.2023, including principal and interest. The Operational Creditor issued demand notices, which were returned undelivered or refused. The Corporate Debtor raised disputes regarding the quality of goods and coercion in obtaining a balance confirmation
…Ms. Babitha Sancheti, operating as M/s. Pioneer Enterprises, is in the business of trading cotton bales and seeds. M/s. Sakthi Ganesh Textiles (P) Limited is engaged in the textile industry. The Operational Creditor supplied cotton bales to the Corporate Debtor through a broker, M/s. Bhavesh Cotton Company. Sales confirmations were issued, and invoices were raised. The payment terms were 30-40 days from the invoice date. The Corporate Debtor allegedly defaulted on payments since June 2022. On 25.04.2023, the Corporate Debtor confirmed its liability of Rs. 3,18,66,758.00 via a balance confirmation letter. The reason for non-payment was cited as a downturn in the textile industry. The Operational Creditor issued demand notices on 25.10.2023. The demand notice sent to the
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M/s. Sakthi Ganesh…
Alleged commencement of default in payments by…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Ms. Babitha Sancheti, Proprietor of M/s. Pioneer Enterprises (Operational Creditor), against M/s. Sakthi Ganesh Textiles (P) Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default on payments for the supply of cotton bales. The Corporate Debtor allegedly defaulted since June 2022, leading to a total debt of Rs.3,83,01,309/- as of 25.10.2023, including principal and interest. The Operational Creditor issued demand notices, which were returned undelivered or refused. The Corporate Debtor raised disputes regarding the quality of goods and coercion in obtaining a balance confirmation
…Ms. Babitha Sancheti, operating as M/s. Pioneer Enterprises, is in the business of trading cotton bales and seeds. M/s. Sakthi Ganesh Textiles (P) Limited is engaged in the textile industry. The Operational Creditor supplied cotton bales to the Corporate Debtor through a broker, M/s. Bhavesh Cotton Company. Sales confirmations were issued, and invoices were raised. The payment terms were 30-40 days from the invoice date. The Corporate Debtor allegedly defaulted on payments since June 2022. On 25.04.2023, the Corporate Debtor confirmed its liability of Rs. 3,18,66,758.00 via a balance confirmation letter. The reason for non-payment was cited as a downturn in the textile industry. The Operational Creditor issued demand notices on 25.10.2023. The demand notice sent to the
…M/s. Sakthi Ganesh…
Alleged commencement of default in payments by…