The case involves a petition filed by Amit Vyas, Proprietor of Avantika (Operational Creditor), against Navya Fashions Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP).
Amit Vyas, Proprietor of Avantika, filed a petition against Navya Fashions Private Limited under Section 9 of the IBC.
The claim amount is Rs. 1,38,92,705/- due to non-payment for the supply of yarn.
The Corporate Debtor admitted the default but requested 12 months to repay.
The Adjudicating Authority noted that the requested 12-month period had elapsed without any payment.
The last supply of yarn was made on 17.06.2023.
The Corporate Debtor sent a reply dated 24.07.2024 to the Demand Notice dated 18.07.2024 wherein it requested the Petitioner to co-operate in financial tough time and provide 12-month time to repay the principal dues.
The Petitioner issued a notice under Section 8 of the Code in Form-3 dated 18.07.2024.
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Navya Fashions Private…
The last supply of yarn…
The case involves a petition filed by Amit Vyas, Proprietor of Avantika (Operational Creditor), against Navya Fashions Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP).
Amit Vyas, Proprietor of Avantika, filed a petition against Navya Fashions Private Limited under Section 9 of the IBC.
The claim amount is Rs. 1,38,92,705/- due to non-payment for the supply of yarn.
The Corporate Debtor admitted the default but requested 12 months to repay.
The Adjudicating Authority noted that the requested 12-month period had elapsed without any payment.
The last supply of yarn was made on 17.06.2023.
The Corporate Debtor sent a reply dated 24.07.2024 to the Demand Notice dated 18.07.2024 wherein it requested the Petitioner to co-operate in financial tough time and provide 12-month time to repay the principal dues.
The Petitioner issued a notice under Section 8 of the Code in Form-3 dated 18.07.2024.
Navya Fashions Private…
The last supply of yarn…