Kamakshi Kraftex Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Saraf Gartex Ltd., claiming to be an operational creditor. The applicant stated that they had been conducting business with the respondent, supplying industrial raw materials-fabrics on an "on order" basis. The applicant raised invoices from 2016-05-26 to 2016-12-09. The respondent made part payments, but a balance of Rs. 6,45,886/- remained outstanding. The applicant served a demand notice dated 2019-04-28 to the respondent demanding the outstanding amount with interest.
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 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 dated 2019-04-28 under Section 8 of the IBC, demanding the outstanding amount with 18% interest. The Corporate Debtor claimed a dispute regarding the quality of goods, relying on the Sale of Goods Act, 1930, and submitted debit notes. The Operational Creditor argued that the debit notes were not acknowledged and that the Corporate Debtor had assessed
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Kamakshi Kraftex Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Saraf Gartex Ltd., claiming to be an operational creditor. The applicant stated that they had been conducting business with the respondent, supplying industrial raw materials-fabrics on an "on order" basis. The applicant raised invoices from 2016-05-26 to 2016-12-09. The respondent made part payments, but a balance of Rs. 6,45,886/- remained outstanding. The applicant served a demand notice dated 2019-04-28 to the respondent demanding the outstanding amount with interest.
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 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 dated 2019-04-28 under Section 8 of the IBC, demanding the outstanding amount with 18% interest. The Corporate Debtor claimed a dispute regarding the quality of goods, relying on the Sale of Goods Act, 1930, and submitted debit notes. The Operational Creditor argued that the debit notes were not acknowledged and that the Corporate Debtor had assessed
…Applicant raised and…
Applicant received the…