The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by SSMP Industries Limited (Operational Creditor) against Aambis Food Products Private Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed default in payment of operational debt amounting to Rs. 18,73,732.83. The Operational Creditor was the purchaser of Mango pulp from the Corporate Debtor. Purchase orders were raised in 2016 for Alphanso and Totapuri Mango Pulp. After completion of the crop year 2016, accounts were reconciled, and the Operational Creditor made payments of Rs. 9,77,840 on 05.04.2017 and Rs. 14,66,760 on 24.04.2017. Subsequently, the Corporate Debtor quoted a higher rate for
…SSMP Industries Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Aambis Food Products Private Limited (Corporate Debtor) for default in payment of Rs. 18,73,732.83. The Operational Creditor supplied carton boxes and packing material to the Corporate Debtor. The Operational Creditor made payments totaling Rs. 24,44,600 to the Corporate Debtor in April 2017. The Corporate Debtor subsequently quoted a higher rate for cans with pulp, leading the Operational Creditor to seek a refund of Rs. 15,71,056.88. The Operational Creditor sent a demand notice on 13.10.2017. The Corporate Debtor claimed that the Operational Creditor failed to procure the goods, which were stored until 2017, and raised a counter
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Operational Creditor raised purchase orders…
Corporate Debtor…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by SSMP Industries Limited (Operational Creditor) against Aambis Food Products Private Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed default in payment of operational debt amounting to Rs. 18,73,732.83. The Operational Creditor was the purchaser of Mango pulp from the Corporate Debtor. Purchase orders were raised in 2016 for Alphanso and Totapuri Mango Pulp. After completion of the crop year 2016, accounts were reconciled, and the Operational Creditor made payments of Rs. 9,77,840 on 05.04.2017 and Rs. 14,66,760 on 24.04.2017. Subsequently, the Corporate Debtor quoted a higher rate for
…SSMP Industries Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Aambis Food Products Private Limited (Corporate Debtor) for default in payment of Rs. 18,73,732.83. The Operational Creditor supplied carton boxes and packing material to the Corporate Debtor. The Operational Creditor made payments totaling Rs. 24,44,600 to the Corporate Debtor in April 2017. The Corporate Debtor subsequently quoted a higher rate for cans with pulp, leading the Operational Creditor to seek a refund of Rs. 15,71,056.88. The Operational Creditor sent a demand notice on 13.10.2017. The Corporate Debtor claimed that the Operational Creditor failed to procure the goods, which were stored until 2017, and raised a counter
…Operational Creditor raised purchase orders…
Corporate Debtor…