The case involves a petition filed by M/s.Sycamore Foods and Technologies Private Limited ('Petitioner/Operational Creditor') under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s.Breadworks Gourmet Foods Private Limited ('Respondent/Corporate Debtor') due to a default of Rs. 23,00,000/- along with interest. The Operational Creditor and Corporate Debtor entered into a Contract Manufacturing and Supply Agreement dated 19.09.2016, where the Corporate Debtor was to manufacture baked products for the Operational Creditor. The Operational Creditor paid a total of Rs. 30,00,000/- to the Corporate Debtor. However, the Corporate Debtor failed to commence operations or supply any products. A deed of cancellation was
…M/s.Sycamore Foods and Technologies Private Limited (Operational Creditor) and M/s.Breadworks Gourmet Foods Private Limited (Corporate Debtor) entered into a Contract Manufacturing and Supply Agreement on 19.09.2016. Under the agreement, the Corporate Debtor was to manufacture baked products for the Operational Creditor. The Operational Creditor paid Rs.10,00,000/- via cheque on 29.09.2016 and Rs.20,00,000/- via demand drafts dated 06.09.2016 and 16.09.2016, totaling Rs.30,00,000/-. The Operational Creditor provided a deposit to the Corporate Debtor for the option to purchase the plant and machinery. Operations did not commence, and no products were supplied. The Operational Creditor terminated the agreement via letter dated 12.11.2016. A deed of cancellation was
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Operational Creditor and Corporate Debtor…
Operational Creditor…
The case involves a petition filed by M/s.Sycamore Foods and Technologies Private Limited ('Petitioner/Operational Creditor') under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s.Breadworks Gourmet Foods Private Limited ('Respondent/Corporate Debtor') due to a default of Rs. 23,00,000/- along with interest. The Operational Creditor and Corporate Debtor entered into a Contract Manufacturing and Supply Agreement dated 19.09.2016, where the Corporate Debtor was to manufacture baked products for the Operational Creditor. The Operational Creditor paid a total of Rs. 30,00,000/- to the Corporate Debtor. However, the Corporate Debtor failed to commence operations or supply any products. A deed of cancellation was
…M/s.Sycamore Foods and Technologies Private Limited (Operational Creditor) and M/s.Breadworks Gourmet Foods Private Limited (Corporate Debtor) entered into a Contract Manufacturing and Supply Agreement on 19.09.2016. Under the agreement, the Corporate Debtor was to manufacture baked products for the Operational Creditor. The Operational Creditor paid Rs.10,00,000/- via cheque on 29.09.2016 and Rs.20,00,000/- via demand drafts dated 06.09.2016 and 16.09.2016, totaling Rs.30,00,000/-. The Operational Creditor provided a deposit to the Corporate Debtor for the option to purchase the plant and machinery. Operations did not commence, and no products were supplied. The Operational Creditor terminated the agreement via letter dated 12.11.2016. A deed of cancellation was
…Operational Creditor and Corporate Debtor…
Operational Creditor…