M/s Garnet Veneer & Decors Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Hours Overseas Pvt. Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an outstanding operational debt of Rs. 1,07,75,000/- as of 28.02.2026, plus 18% interest, for the non-supply of 50,000 cotton bags despite receiving substantial advance payments. A demand notice was issued to the Corporate Debtor, which went unanswered, and no dispute was raised within the statutory period.
M/s Garnet Veneer & Decors Ltd. (Operational Creditor) filed a petition under Section 9 of the IBC against M/s Hours Overseas Pvt. Ltd. (Corporate Debtor) on 06.04.2026.
The petition sought to initiate CIRP for an outstanding amount of Rs. 1,07,75,000/- as of 28.02.2026, plus 18% interest.
The Operational Creditor placed an order with the Corporate Debtor for the supply of 50,000 cotton bags.
The total contract value for the cotton bags was Rs. 2,60,00,000/- at a fixed price of Rs. 520/- per bag.
The Corporate Debtor issued a Proforma Invoice dated 27.10.2025 bearing No. PI/25-26/053 for Rs. 2,73,00,000/-.
The Operational Creditor issued a Purchase Order dated 11.11.2025 for the procurement of 50,000 cotton bags.
…Sign in to view the parties.
Corporate Debtor issued Proforma Invoice…
Operational Creditor issued Purchase Order No.…
M/s Garnet Veneer & Decors Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Hours Overseas Pvt. Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an outstanding operational debt of Rs. 1,07,75,000/- as of 28.02.2026, plus 18% interest, for the non-supply of 50,000 cotton bags despite receiving substantial advance payments. A demand notice was issued to the Corporate Debtor, which went unanswered, and no dispute was raised within the statutory period.
M/s Garnet Veneer & Decors Ltd. (Operational Creditor) filed a petition under Section 9 of the IBC against M/s Hours Overseas Pvt. Ltd. (Corporate Debtor) on 06.04.2026.
The petition sought to initiate CIRP for an outstanding amount of Rs. 1,07,75,000/- as of 28.02.2026, plus 18% interest.
The Operational Creditor placed an order with the Corporate Debtor for the supply of 50,000 cotton bags.
The total contract value for the cotton bags was Rs. 2,60,00,000/- at a fixed price of Rs. 520/- per bag.
The Corporate Debtor issued a Proforma Invoice dated 27.10.2025 bearing No. PI/25-26/053 for Rs. 2,73,00,000/-.
The Operational Creditor issued a Purchase Order dated 11.11.2025 for the procurement of 50,000 cotton bags.
…Corporate Debtor issued Proforma Invoice…
Operational Creditor issued Purchase Order No.…