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 a purchaser of Mango pulp from the Corporate Debtor. After completion of crop year 2016, both parties reconciled and finalized the account. 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 cans with pulp, leading the Operational Creditor to seek a
…SSMP Industries Limited (Operational Creditor) filed an application against Aambis Food Products Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 18,73,732.83. The Operational Creditor purchased mango pulp from the Corporate Debtor in crop year 2016. The Operational Creditor made payments totaling Rs. 24,44,600 in April 2017. Subsequently, the Corporate Debtor quoted a higher rate for cans with pulp, leading the Operational Creditor to seek a return of Rs. 15,71,056.88. A demand notice was sent on 13.10.2017. The Corporate Debtor claimed the Operational Creditor delayed payments and filed a counter claim for Rs. 9,82,710. The Corporate Debtor also claimed the Operational Creditor did not furnish
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Operational Creditor raised purchase orders for…
Corporate Debtor confirmed the final settlement…
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 a purchaser of Mango pulp from the Corporate Debtor. After completion of crop year 2016, both parties reconciled and finalized the account. 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 cans with pulp, leading the Operational Creditor to seek a
…SSMP Industries Limited (Operational Creditor) filed an application against Aambis Food Products Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 18,73,732.83. The Operational Creditor purchased mango pulp from the Corporate Debtor in crop year 2016. The Operational Creditor made payments totaling Rs. 24,44,600 in April 2017. Subsequently, the Corporate Debtor quoted a higher rate for cans with pulp, leading the Operational Creditor to seek a return of Rs. 15,71,056.88. A demand notice was sent on 13.10.2017. The Corporate Debtor claimed the Operational Creditor delayed payments and filed a counter claim for Rs. 9,82,710. The Corporate Debtor also claimed the Operational Creditor did not furnish
…Operational Creditor raised purchase orders for…
Corporate Debtor confirmed the final settlement…