The case involves an application filed by Team Foods, an operational creditor, against Delsea Exports Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP). Team Foods, a supplier of fish to Delsea Exports, claimed unpaid dues for goods supplied. The corporate debtor acknowledged the debt but cited financial difficulties due to a business slowdown as the reason for non-payment. The operational creditor rejected the corporate debtor's request for a six-month extension to resolve the dues.
Team Foods, an operational creditor, supplied goods (fish) to Delsea Exports Private Limited, the corporate debtor. Delsea Exports failed to make payments for these goods. As of December 18, 2019, the corporate debtor owed ₹22,34,394 to the operational creditor for the period between July 6, 2019, and December 2, 2019. The corporate debtor admitted the debt but cited financial difficulties. Team Foods issued a demand notice under Section 8 of the IBC on December 31, 2019, which was delivered on January 1, 2020. The corporate debtor did not pay the dues or issue a notice of dispute within 10 days of receiving the demand notice. The operational creditor then filed an application under Section 9 of the IBC to initiate CIRP. The corporate debtor requested six months to
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Delsea Exports…
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The case involves an application filed by Team Foods, an operational creditor, against Delsea Exports Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP). Team Foods, a supplier of fish to Delsea Exports, claimed unpaid dues for goods supplied. The corporate debtor acknowledged the debt but cited financial difficulties due to a business slowdown as the reason for non-payment. The operational creditor rejected the corporate debtor's request for a six-month extension to resolve the dues.
Team Foods, an operational creditor, supplied goods (fish) to Delsea Exports Private Limited, the corporate debtor. Delsea Exports failed to make payments for these goods. As of December 18, 2019, the corporate debtor owed ₹22,34,394 to the operational creditor for the period between July 6, 2019, and December 2, 2019. The corporate debtor admitted the debt but cited financial difficulties. Team Foods issued a demand notice under Section 8 of the IBC on December 31, 2019, which was delivered on January 1, 2020. The corporate debtor did not pay the dues or issue a notice of dispute within 10 days of receiving the demand notice. The operational creditor then filed an application under Section 9 of the IBC to initiate CIRP. The corporate debtor requested six months to
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