Risa International Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Vallari Trading Private Limited, the Corporate Debtor. The application was filed due to a default in payment for the supply of fabric. The Operational Creditor claimed a default amount of Rs. 6,59,59,224/- as the principal amount and Rs. 16,70,19,042/- including interest calculated at 24% p.a. compounded. The date of default was stated as 12.09.2014 onwards.
Risa International Limited (Operational Creditor) supplied fabric to Vallari Trading Private Limited (Corporate Debtor). The Corporate Debtor placed orders for fabric in March 2014, and invoices were raised accordingly. Between 24.4.2014 and 25.4.2014, 30 invoices were raised for a total amount of Rs. 6,77,86,453/-. The supplies were acknowledged and never disputed. The Corporate Debtor paid Rs. 3,01,06,677/- between 23/7/2014 and 12/9/2014, but no payments were made thereafter. On 10/12/2018, the Operational Creditor issued a notice under Section 8 of the IBC, claiming Rs. 16,70,19,042/-, which was in default since 12.9.2014. The notice was returned with a remark 'Not Known'. The application was filed on 18.06.2019.
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Vallari Trading Private Limited approached Risa…
Between 24.4.2014 and 25.4.2014, 30 invoices…
Risa International Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Vallari Trading Private Limited, the Corporate Debtor. The application was filed due to a default in payment for the supply of fabric. The Operational Creditor claimed a default amount of Rs. 6,59,59,224/- as the principal amount and Rs. 16,70,19,042/- including interest calculated at 24% p.a. compounded. The date of default was stated as 12.09.2014 onwards.
Risa International Limited (Operational Creditor) supplied fabric to Vallari Trading Private Limited (Corporate Debtor). The Corporate Debtor placed orders for fabric in March 2014, and invoices were raised accordingly. Between 24.4.2014 and 25.4.2014, 30 invoices were raised for a total amount of Rs. 6,77,86,453/-. The supplies were acknowledged and never disputed. The Corporate Debtor paid Rs. 3,01,06,677/- between 23/7/2014 and 12/9/2014, but no payments were made thereafter. On 10/12/2018, the Operational Creditor issued a notice under Section 8 of the IBC, claiming Rs. 16,70,19,042/-, which was in default since 12.9.2014. The notice was returned with a remark 'Not Known'. The application was filed on 18.06.2019.
Vallari Trading Private Limited approached Risa…
Between 24.4.2014 and 25.4.2014, 30 invoices…