Agarwal Industries Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Amrit Feeds Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was based on the allegation that the Corporate Debtor failed to pay a principal amount of Rs. 19,57,205 along with interest at 24% for goods supplied and delivered. The Corporate Debtor contested the application, arguing that the claim was not maintainable, the invoices were fabricated, and there was no acknowledgment of receipt of goods. The Operational Creditor argued that the Corporate Debtor admitted to the receipt of goods in a prior writ petition and that e-way bills corroborated the
…Agarwal Industries Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Amrit Feeds Limited (Corporate Debtor) claiming non-payment of Rs. 19,57,205/- plus interest at 24% for goods supplied. The Corporate Debtor placed orders for Agro Fat Li Regular, which the Operational Creditor supplied. The goods were delivered to the Corporate Debtor's unit at Hazipur and were allegedly received, acknowledged, and accepted without objection. The Operational Creditor generated invoices, but the Corporate Debtor failed to pay the principal amount and interest. Despite repeated demands, including a demand letter dated 23/12/2015, the Corporate Debtor did not pay. A demand notice dated 15/03/2017 under Section
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Operational Creditor…
Operational Creditor issued a demand notice…
Agarwal Industries Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Amrit Feeds Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was based on the allegation that the Corporate Debtor failed to pay a principal amount of Rs. 19,57,205 along with interest at 24% for goods supplied and delivered. The Corporate Debtor contested the application, arguing that the claim was not maintainable, the invoices were fabricated, and there was no acknowledgment of receipt of goods. The Operational Creditor argued that the Corporate Debtor admitted to the receipt of goods in a prior writ petition and that e-way bills corroborated the
…Agarwal Industries Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Amrit Feeds Limited (Corporate Debtor) claiming non-payment of Rs. 19,57,205/- plus interest at 24% for goods supplied. The Corporate Debtor placed orders for Agro Fat Li Regular, which the Operational Creditor supplied. The goods were delivered to the Corporate Debtor's unit at Hazipur and were allegedly received, acknowledged, and accepted without objection. The Operational Creditor generated invoices, but the Corporate Debtor failed to pay the principal amount and interest. Despite repeated demands, including a demand letter dated 23/12/2015, the Corporate Debtor did not pay. A demand notice dated 15/03/2017 under Section
…Operational Creditor…
Operational Creditor issued a demand notice…