Sainik Industries Private Limited filed an appeal against the order dated 17.10.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench-I, in IA No. 2909 of 2023 in CP (IB) No. 162/MB/2023. The appeal challenges the rejection of Sainik Industries' claim as a Financial Creditor, which was categorized as an Operational Debt by the Resolution Professional. The dispute arises from an agreement between Sainik Industries and Indian Sugar Manufacturing Company Limited (Corporate Debtor) for the supply of sugar, where Sainik Industries advanced Rs. 10 Crores to the Corporate Debtor. Upon failure of the Corporate Debtor to meet its obligations, Sainik Industries initiated proceedings, including filing a Section 9 application under the Code
…Sainik Industries Private Limited (Appellant) is engaged in the business of purchasing sugar from various sugar factories and selling it to sugar brokers. Indian Sugar Manufacturing Company Limited (Corporate Debtor) is engaged in the business of manufacturing and sale of sugar. On 28.07.2016, an agreement was entered between the Appellant and the Corporate Debtor for the supply of 5200 M.T of sugar. The agreement included clauses for penalty in case of non-delivery and contemplated security cheques for the refund of advance amount. The Appellant advanced Rs. 10 Crores to the Corporate Debtor in 2016. The Corporate Debtor failed to meet its obligations, leading the Appellant to issue a legal notice on 31.01.2017. The Corporate Debtor failed to deliver sugar and make
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Agreement entered between Sainik Industries…
Sainik Industries…
Sainik Industries Private Limited filed an appeal against the order dated 17.10.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench-I, in IA No. 2909 of 2023 in CP (IB) No. 162/MB/2023. The appeal challenges the rejection of Sainik Industries' claim as a Financial Creditor, which was categorized as an Operational Debt by the Resolution Professional. The dispute arises from an agreement between Sainik Industries and Indian Sugar Manufacturing Company Limited (Corporate Debtor) for the supply of sugar, where Sainik Industries advanced Rs. 10 Crores to the Corporate Debtor. Upon failure of the Corporate Debtor to meet its obligations, Sainik Industries initiated proceedings, including filing a Section 9 application under the Code
…Sainik Industries Private Limited (Appellant) is engaged in the business of purchasing sugar from various sugar factories and selling it to sugar brokers. Indian Sugar Manufacturing Company Limited (Corporate Debtor) is engaged in the business of manufacturing and sale of sugar. On 28.07.2016, an agreement was entered between the Appellant and the Corporate Debtor for the supply of 5200 M.T of sugar. The agreement included clauses for penalty in case of non-delivery and contemplated security cheques for the refund of advance amount. The Appellant advanced Rs. 10 Crores to the Corporate Debtor in 2016. The Corporate Debtor failed to meet its obligations, leading the Appellant to issue a legal notice on 31.01.2017. The Corporate Debtor failed to deliver sugar and make
…Agreement entered between Sainik Industries…
Sainik Industries…