The case arises from commercial transactions between Star Synthetics Pvt. Ltd. (Applicant/Operational Creditor) and Vastrani Export Pvt. Ltd. (Corporate Debtor). The Applicant supplied fabric to the Corporate Debtor, who defaulted on payments against 61 invoices totaling Rs. 2,44,38,661/-. The default commenced in May 2022. The Applicant issued a demand notice under Section 8(1) of the IBC, 2016, which the Corporate Debtor did not respond to. The Corporate Debtor failed to file any reply despite being granted opportunities.
Star Synthetics Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Vastrani Export Pvt. Ltd. (Corporate Debtor) for defaulting on payments. The Corporate Debtor is engaged in the business of manufacturing and trading garments, specifically ladies' garments, and required Greige fabric for manufacturing printed garments. The Operational Creditor supplied fabric to the Corporate Debtor, and invoices were raised regularly. The Corporate Debtor defaulted in making payments against 61 invoices amounting to Rs. 2,44,38,661/- from May 2022. The Operational Creditor issued a demand notice dated 26/04/2023 under Section 8(1) of the IBC, 2016, which was sent to the Corporate Debtor on 27/04/2023. The
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The Corporate Debtor…
The Operational…
The case arises from commercial transactions between Star Synthetics Pvt. Ltd. (Applicant/Operational Creditor) and Vastrani Export Pvt. Ltd. (Corporate Debtor). The Applicant supplied fabric to the Corporate Debtor, who defaulted on payments against 61 invoices totaling Rs. 2,44,38,661/-. The default commenced in May 2022. The Applicant issued a demand notice under Section 8(1) of the IBC, 2016, which the Corporate Debtor did not respond to. The Corporate Debtor failed to file any reply despite being granted opportunities.
Star Synthetics Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Vastrani Export Pvt. Ltd. (Corporate Debtor) for defaulting on payments. The Corporate Debtor is engaged in the business of manufacturing and trading garments, specifically ladies' garments, and required Greige fabric for manufacturing printed garments. The Operational Creditor supplied fabric to the Corporate Debtor, and invoices were raised regularly. The Corporate Debtor defaulted in making payments against 61 invoices amounting to Rs. 2,44,38,661/- from May 2022. The Operational Creditor issued a demand notice dated 26/04/2023 under Section 8(1) of the IBC, 2016, which was sent to the Corporate Debtor on 27/04/2023. The
…The Corporate Debtor…
The Operational…