Kamakshi Kraftex Pvt. Ltd., an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/S Saraf Gartex Ltd., the corporate debtor. The applicant claimed that the respondent had defaulted on payments for the supply of industrial raw materials-fabrics. The applicant had been conducting business with the respondent, supplying materials on an 'on order' basis. The applicant raised invoices between 2016-05-26 and 2016-12-09. The respondent made part payments, but a balance of Rs. 6,45,886/- remained outstanding. The applicant served a demand notice on 2019-04-28, demanding the outstanding amount with interest. The respondent neither paid the debt
…Kamakshi Kraftex Pvt. Ltd. (Operational Creditor) supplied industrial raw materials-fabrics to M/S Saraf Gartex Ltd. (Corporate Debtor) on an 'on order' basis. The Operational Creditor raised eight invoices between 2016-05-26 and 2016-12-09. The Corporate Debtor made part payments, leaving an outstanding debt of Rs. 6,45,886/-. The last payment was received on 2016-09-06. The Operational Creditor issued a demand notice on 2019-04-28 under Section 8 of the IBC, demanding the outstanding amount with 18% interest. The Corporate Debtor neither paid the outstanding debt nor raised a dispute until the application was filed. The Corporate Debtor claimed dissatisfaction with the quality of goods and issued debit notes, but did not provide authentic communication to
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Kamakshi Kraftex Pvt. Ltd., an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/S Saraf Gartex Ltd., the corporate debtor. The applicant claimed that the respondent had defaulted on payments for the supply of industrial raw materials-fabrics. The applicant had been conducting business with the respondent, supplying materials on an 'on order' basis. The applicant raised invoices between 2016-05-26 and 2016-12-09. The respondent made part payments, but a balance of Rs. 6,45,886/- remained outstanding. The applicant served a demand notice on 2019-04-28, demanding the outstanding amount with interest. The respondent neither paid the debt
…Kamakshi Kraftex Pvt. Ltd. (Operational Creditor) supplied industrial raw materials-fabrics to M/S Saraf Gartex Ltd. (Corporate Debtor) on an 'on order' basis. The Operational Creditor raised eight invoices between 2016-05-26 and 2016-12-09. The Corporate Debtor made part payments, leaving an outstanding debt of Rs. 6,45,886/-. The last payment was received on 2016-09-06. The Operational Creditor issued a demand notice on 2019-04-28 under Section 8 of the IBC, demanding the outstanding amount with 18% interest. The Corporate Debtor neither paid the outstanding debt nor raised a dispute until the application was filed. The Corporate Debtor claimed dissatisfaction with the quality of goods and issued debit notes, but did not provide authentic communication to
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