The case involves an application for the initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Radharaman Fibres Pvt. Ltd. (Operational Creditor) against Aunde Faze Three Autofab Ltd. (Corporate Debtor) for the recovery of unpaid operational debt amounting to Rs. 14,86,693. The debt is claimed as interest on payments made by the Operational Creditor to Reliance Industries Ltd. (RIL) on behalf of the Corporate Debtor. The Corporate Debtor disputes the claim, stating there was no agreement for interest payment and that the entire amount towards the supply of material has been paid.
Radharaman Fibres Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Aunde Faze Three Autofab Ltd. (Corporate Debtor) for the recovery of Rs. 14,86,693, claimed as unpaid operational debt. The Operational Creditor claimed to be a Del-Credere Agent of Reliance Industries Ltd. (RIL), providing services to the Corporate Debtor. The Corporate Debtor placed orders for polyester yarn through RIL, with payments made by the Operational Creditor to RIL on behalf of the Corporate Debtor. The claim was for interest on payments made by the Operational Creditor to RIL from the date of payment to RIL until the amount was received from the Corporate Debtor. The Corporate Debtor argued that there was no agreement for
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Aunde Faze Three…
The Corporate Debtor…
The case involves an application for the initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Radharaman Fibres Pvt. Ltd. (Operational Creditor) against Aunde Faze Three Autofab Ltd. (Corporate Debtor) for the recovery of unpaid operational debt amounting to Rs. 14,86,693. The debt is claimed as interest on payments made by the Operational Creditor to Reliance Industries Ltd. (RIL) on behalf of the Corporate Debtor. The Corporate Debtor disputes the claim, stating there was no agreement for interest payment and that the entire amount towards the supply of material has been paid.
Radharaman Fibres Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Aunde Faze Three Autofab Ltd. (Corporate Debtor) for the recovery of Rs. 14,86,693, claimed as unpaid operational debt. The Operational Creditor claimed to be a Del-Credere Agent of Reliance Industries Ltd. (RIL), providing services to the Corporate Debtor. The Corporate Debtor placed orders for polyester yarn through RIL, with payments made by the Operational Creditor to RIL on behalf of the Corporate Debtor. The claim was for interest on payments made by the Operational Creditor to RIL from the date of payment to RIL until the amount was received from the Corporate Debtor. The Corporate Debtor argued that there was no agreement for
…Aunde Faze Three…
The Corporate Debtor…