M/s Ricela Health Foods Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Evershine Solvex Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor failed to supply Rice Bran Oil Raw Grade-1 after receiving an advance payment of ₹1,00,00,000. The corporate debtor made partial repayments, leaving an outstanding operational debt of ₹19,00,000.
M/s Ricela Health Foods Limited (operational creditor) is engaged in manufacturing and trade of Rice Bran Oil. M/s Evershine Solvex Private Limited (corporate debtor) agreed to supply Rice Bran Oil Raw Grade-1 to the operational creditor. Due to financial constraints, the corporate debtor requested an advance payment of ₹1,00,00,000, which the operational creditor paid on 04.11.2015 via RTGS. After receiving the advance, the corporate debtor failed to supply the goods and delayed the supply. The corporate debtor partially repaid the amount in installments, with the last payment made on 10.10.2018, leaving an outstanding balance. A demand notice in Form No.3 was issued on 08.03.2019, calling upon the corporate debtor to repay ₹27,00,000. After the demand notice, the
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M/s Ricela Health Foods Limited paid…
M/s Evershine Solvex Private Limited made the…
M/s Ricela Health Foods Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Evershine Solvex Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor failed to supply Rice Bran Oil Raw Grade-1 after receiving an advance payment of ₹1,00,00,000. The corporate debtor made partial repayments, leaving an outstanding operational debt of ₹19,00,000.
M/s Ricela Health Foods Limited (operational creditor) is engaged in manufacturing and trade of Rice Bran Oil. M/s Evershine Solvex Private Limited (corporate debtor) agreed to supply Rice Bran Oil Raw Grade-1 to the operational creditor. Due to financial constraints, the corporate debtor requested an advance payment of ₹1,00,00,000, which the operational creditor paid on 04.11.2015 via RTGS. After receiving the advance, the corporate debtor failed to supply the goods and delayed the supply. The corporate debtor partially repaid the amount in installments, with the last payment made on 10.10.2018, leaving an outstanding balance. A demand notice in Form No.3 was issued on 08.03.2019, calling upon the corporate debtor to repay ₹27,00,000. After the demand notice, the
…M/s Ricela Health Foods Limited paid…
M/s Evershine Solvex Private Limited made the…