JUDGEMENT

The instant Application has been filed by Mr. Sunil Makkar, the sole proprietor of Sonu Garment (Operational Creditor/Applicant) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “Code” or “IBC”) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as the Rules) for initiation of Corporate Insolvency Resolution Process (hereinafter referred to as the ‘CIRP’) against Globalwash Creations Pvt. Ltd (Corporate Debtor/Respondent) owing to unpaid operational debt of Rs. 1,42,77,887.

2. The averments made by the Operational Creditor/Applicant in its Application and as argued by the learned counsel are summarised as under:

(i) The Operational Creditor is engaged in the business of providing comprehensive job work services for manufacturing jeans/denims like use of machinery, provision of space/factory, and supplying skilled labour. The Corporate Debtor is a private company engaged in the business of manufacturing denims.

(ii) It is submitted by the Applicant that the Corporate Debtor in early 2022 approached the Operational Creditor for the purpose of availing end to en