The case involves a Company Application filed by Agastyadevika Trading and Processing (P) Ltd. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Adarsh Global Trades and Services (P) Ltd. (Corporate Debtor). The Operational Creditor claimed to have paid an advance of Rs. 7,05,00,000/- for the supply of 5000 MT of Maize, which the Corporate Debtor failed to supply.
Agastyadevika Trading and Processing (P) Ltd. (Operational Creditor) filed a Company Application against Adarsh Global Trades and Services (P) Ltd. (Corporate Debtor) under Section 9 of the IBC, 2016. The Operational Creditor claimed to have paid Rs. 7,05,00,000/- as an advance for the supply of 5000 MT of Maize, based on an agreement dated 10.08.2018. The Corporate Debtor failed to supply the maize. The Corporate Debtor contended that the Operational Creditor did not pay the entire amount in advance and that maize prices had increased, making it difficult to supply at the agreed price. The Operational Creditor issued a demand notice on 20.01.2020, which the Corporate Debtor replied to on 10.02.2020, requesting payment of an additional Rs. 50,00,000/- due to the price
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Operational Creditor and Corporate Debtor…
Operational Creditor…
The case involves a Company Application filed by Agastyadevika Trading and Processing (P) Ltd. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Adarsh Global Trades and Services (P) Ltd. (Corporate Debtor). The Operational Creditor claimed to have paid an advance of Rs. 7,05,00,000/- for the supply of 5000 MT of Maize, which the Corporate Debtor failed to supply.
Agastyadevika Trading and Processing (P) Ltd. (Operational Creditor) filed a Company Application against Adarsh Global Trades and Services (P) Ltd. (Corporate Debtor) under Section 9 of the IBC, 2016. The Operational Creditor claimed to have paid Rs. 7,05,00,000/- as an advance for the supply of 5000 MT of Maize, based on an agreement dated 10.08.2018. The Corporate Debtor failed to supply the maize. The Corporate Debtor contended that the Operational Creditor did not pay the entire amount in advance and that maize prices had increased, making it difficult to supply at the agreed price. The Operational Creditor issued a demand notice on 20.01.2020, which the Corporate Debtor replied to on 10.02.2020, requesting payment of an additional Rs. 50,00,000/- due to the price
…Operational Creditor and Corporate Debtor…
Operational Creditor…