The case involves a petition filed by M/s. Gayatri Cotton Pressing Mills Private Limited (Operational Creditor) against Sri Srinivasa Spin Tex (India) Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to a default of Rs. 1,09,68,956/-. The Corporate Debtor had approached the Operational Creditor for the supply of Cotton Lint in July 2018, and invoices were raised. The last invoice was raised on 24.07.2018. The Corporate Debtor made payments on a running account basis, with the last payment on 19.12.2018. The Operational Creditor claimed that the Corporate Debtor failed to pay the outstanding amount despite follow-ups. The Corporate Debtor raised objections,
…M/s. Gayatri Cotton Pressing Mills Private Limited (Operational Creditor) filed a petition against M/s. Sri Srinivasa Spin Tex (India) Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The Corporate Debtor defaulted on a payment of Rs. 1,09,68,956/-. In July 2018, the Corporate Debtor approached the Operational Creditor for the supply of Cotton Lint. The last invoice was raised on 24.07.2018. The Corporate Debtor made payments on a running account basis until 19.12.2018. The Operational Creditor claimed that the Corporate Debtor failed to pay the outstanding amount despite follow-ups. The Operational Creditor raised invoices totaling Rs. 1,29,03,984/-, against which the Corporate Debtor paid Rs.
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The Corporate Debtor…
The last invoice for…
The case involves a petition filed by M/s. Gayatri Cotton Pressing Mills Private Limited (Operational Creditor) against Sri Srinivasa Spin Tex (India) Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to a default of Rs. 1,09,68,956/-. The Corporate Debtor had approached the Operational Creditor for the supply of Cotton Lint in July 2018, and invoices were raised. The last invoice was raised on 24.07.2018. The Corporate Debtor made payments on a running account basis, with the last payment on 19.12.2018. The Operational Creditor claimed that the Corporate Debtor failed to pay the outstanding amount despite follow-ups. The Corporate Debtor raised objections,
…M/s. Gayatri Cotton Pressing Mills Private Limited (Operational Creditor) filed a petition against M/s. Sri Srinivasa Spin Tex (India) Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The Corporate Debtor defaulted on a payment of Rs. 1,09,68,956/-. In July 2018, the Corporate Debtor approached the Operational Creditor for the supply of Cotton Lint. The last invoice was raised on 24.07.2018. The Corporate Debtor made payments on a running account basis until 19.12.2018. The Operational Creditor claimed that the Corporate Debtor failed to pay the outstanding amount despite follow-ups. The Operational Creditor raised invoices totaling Rs. 1,29,03,984/-, against which the Corporate Debtor paid Rs.
…The Corporate Debtor…
The last invoice for…