The case involves an application filed by Mangal Yadav, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Vicotex Fabrics Private Limited, the corporate debtor, due to unpaid operational debt.
Mangal Yadav, an operational creditor, filed an application under Section 9 of the IBC to initiate CIRP against Vicotex Fabrics Private Limited.
The applicant claimed a default amount of Rs. 1,35,96,337/- including principal and interest.
The date of default was mentioned as 22.04.2024, being the due date for the last invoice.
The corporate debtor acknowledged the debt but cited financial difficulties due to the Covid-19 pandemic.
The corporate debtor had proposed a one-time settlement (OTS) of Rs. 70 lakhs, which was declined by the applicant.
The Tribunal found no pre-existing dispute between the parties regarding the operational debt.
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Application bearing…
Date of default…
The case involves an application filed by Mangal Yadav, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Vicotex Fabrics Private Limited, the corporate debtor, due to unpaid operational debt.
Mangal Yadav, an operational creditor, filed an application under Section 9 of the IBC to initiate CIRP against Vicotex Fabrics Private Limited.
The applicant claimed a default amount of Rs. 1,35,96,337/- including principal and interest.
The date of default was mentioned as 22.04.2024, being the due date for the last invoice.
The corporate debtor acknowledged the debt but cited financial difficulties due to the Covid-19 pandemic.
The corporate debtor had proposed a one-time settlement (OTS) of Rs. 70 lakhs, which was declined by the applicant.
The Tribunal found no pre-existing dispute between the parties regarding the operational debt.
…Application bearing…
Date of default…