Binary Solutions Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Varsace Apparels Private Limited (Corporate Debtor) for the recovery of unpaid operational debt. The OC had supplied IT products, including LED televisions and laptops, worth Rs. 4,80,52,450 to the CD between June 2020 and October 2024. The CD acknowledged the receipt and acceptance of these goods without any dispute regarding their quality or quantity. Despite part payments totaling Rs. 2,84,07,385.00, an amount of Rs. 1,96,45,065/- remained outstanding after March 20, 2025. The OC issued a formal demand letter on April 10, 2025, followed by a legal notice on April 22, 2025. On April 30, 2025, the CD acknowledged its
…Binary Solutions Private Limited (Operational Creditor) is a company engaged in providing IT solutions and supplying electronic products.
Varsace Apparels Private Limited (Corporate Debtor) verbally ordered LED televisions, laptops, and other electronic equipment from the Operational Creditor between June 2020 and October 2024.
The total value of products supplied by the Operational Creditor amounted to Rs. 4,80,52,450, and corresponding tax invoices were issued and acknowledged by the Corporate Debtor.
The Corporate Debtor received and accepted all products without raising any dispute or objection regarding quality, quantity, or specifications.
The Corporate Debtor made part payments of Rs. 2,84,07,385.00 to the Operational Creditor.
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Binary Solutions Private Limited (Operational…
The supply of products by the Operational…
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Binary Solutions Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Varsace Apparels Private Limited (Corporate Debtor) for the recovery of unpaid operational debt. The OC had supplied IT products, including LED televisions and laptops, worth Rs. 4,80,52,450 to the CD between June 2020 and October 2024. The CD acknowledged the receipt and acceptance of these goods without any dispute regarding their quality or quantity. Despite part payments totaling Rs. 2,84,07,385.00, an amount of Rs. 1,96,45,065/- remained outstanding after March 20, 2025. The OC issued a formal demand letter on April 10, 2025, followed by a legal notice on April 22, 2025. On April 30, 2025, the CD acknowledged its
…Binary Solutions Private Limited (Operational Creditor) is a company engaged in providing IT solutions and supplying electronic products.
Varsace Apparels Private Limited (Corporate Debtor) verbally ordered LED televisions, laptops, and other electronic equipment from the Operational Creditor between June 2020 and October 2024.
The total value of products supplied by the Operational Creditor amounted to Rs. 4,80,52,450, and corresponding tax invoices were issued and acknowledged by the Corporate Debtor.
The Corporate Debtor received and accepted all products without raising any dispute or objection regarding quality, quantity, or specifications.
The Corporate Debtor made part payments of Rs. 2,84,07,385.00 to the Operational Creditor.
…Binary Solutions Private Limited (Operational…
The supply of products by the Operational…
Sign in to view related legal provisions.