M/s. Geeta Sugars (Operational Creditor/Appellant) advanced Rs. 21,08,835 to M/s. The Indian Sugars and Refiners Limited (Corporate Debtor/Respondent) for the supply of 880 metric tonnes of sugar via an oral purchase order on 21.04.2015. The Corporate Debtor failed to supply the sugar, leading to a refund request from the Operational Creditor on 13.05.2015. The Corporate Debtor initially acknowledged the debt on 15.05.2015, and negotiations ensued, leading to a revived business relationship and an assurance to clear the backlog by January 2016. However, the Corporate Debtor again failed to supply, and the business halted by 23.04.2016 due to financial issues. The Operational Creditor issued a demand notice under Section 8 of the I&B Code on 20.06.2018, which the
…M/s. Geeta Sugars (Appellant/Operational Creditor) is a proprietorship firm engaged in wholesale sugar distribution.
M/s. The Indian Sugars and Refiners Limited (Respondent/Corporate Debtor) is a sugar manufacturer.
On 21.04.2015, an oral purchase order was placed by M/s. Geeta Sugars for 880 metric tonnes of sugar, and an advance of Rs. 21,08,835 was paid.
The Corporate Debtor failed to supply the sugar.
On 13.05.2015, the Operational Creditor requested a refund of the advance amount.
On 15.05.2015, the Corporate Debtor responded, allegedly acknowledging the debt and liability.
Negotiations led to a revival of business relations, and the Corporate Debtor promised to supply the pending 880 metric tonnes by January 2016.
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M/s. Geeta Sugars placed an oral purchase order…
M/s. Geeta Sugars requested a refund of the…
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M/s. Geeta Sugars (Operational Creditor/Appellant) advanced Rs. 21,08,835 to M/s. The Indian Sugars and Refiners Limited (Corporate Debtor/Respondent) for the supply of 880 metric tonnes of sugar via an oral purchase order on 21.04.2015. The Corporate Debtor failed to supply the sugar, leading to a refund request from the Operational Creditor on 13.05.2015. The Corporate Debtor initially acknowledged the debt on 15.05.2015, and negotiations ensued, leading to a revived business relationship and an assurance to clear the backlog by January 2016. However, the Corporate Debtor again failed to supply, and the business halted by 23.04.2016 due to financial issues. The Operational Creditor issued a demand notice under Section 8 of the I&B Code on 20.06.2018, which the
…M/s. Geeta Sugars (Appellant/Operational Creditor) is a proprietorship firm engaged in wholesale sugar distribution.
M/s. The Indian Sugars and Refiners Limited (Respondent/Corporate Debtor) is a sugar manufacturer.
On 21.04.2015, an oral purchase order was placed by M/s. Geeta Sugars for 880 metric tonnes of sugar, and an advance of Rs. 21,08,835 was paid.
The Corporate Debtor failed to supply the sugar.
On 13.05.2015, the Operational Creditor requested a refund of the advance amount.
On 15.05.2015, the Corporate Debtor responded, allegedly acknowledging the debt and liability.
Negotiations led to a revival of business relations, and the Corporate Debtor promised to supply the pending 880 metric tonnes by January 2016.
…M/s. Geeta Sugars placed an oral purchase order…
M/s. Geeta Sugars requested a refund of the…
Sign in to view related legal provisions.