Perfect Bite, an operational creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Global Sourcing and Procurement Consolidation Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's failure to pay for fresh apples supplied between February 2017 and April 2017, for which 11 commercial invoices were raised. Despite a payment agreement dated 26.12.2017 and the issuance of post-dated cheques (PDCs), the corporate debtor failed to make the payments, and the PDCs were returned unpaid. A demand notice was issued on 19.04.2018, but the corporate debtor did not respond.
Perfect Bite supplied fresh apples to Global Sourcing and Procurement Consolidation Limited between February 2017 and April 2017, raising 11 commercial invoices. The corporate debtor failed to pay the due amount under the invoices. An agreement for payment was entered on 26.12.2017, where the corporate debtor admitted and promised to pay the outstanding amount and issued two Post Dated Cheques (PDCs). The PDCs were returned unpaid. A demand notice dated 19.04.2018 was issued to the corporate debtor under Section 8 of the I&B Code demanding payment of USD 2,32,425/-, but the corporate debtor did not reply. The corporate debtor admitted its liability towards the outstanding amount vide its letter dated 10.12.2018. The operational debt is more than Rupees One Lakh.
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Applicant supplied fresh apples to the…
Applicant supplied fresh apples to the…
Perfect Bite, an operational creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Global Sourcing and Procurement Consolidation Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's failure to pay for fresh apples supplied between February 2017 and April 2017, for which 11 commercial invoices were raised. Despite a payment agreement dated 26.12.2017 and the issuance of post-dated cheques (PDCs), the corporate debtor failed to make the payments, and the PDCs were returned unpaid. A demand notice was issued on 19.04.2018, but the corporate debtor did not respond.
Perfect Bite supplied fresh apples to Global Sourcing and Procurement Consolidation Limited between February 2017 and April 2017, raising 11 commercial invoices. The corporate debtor failed to pay the due amount under the invoices. An agreement for payment was entered on 26.12.2017, where the corporate debtor admitted and promised to pay the outstanding amount and issued two Post Dated Cheques (PDCs). The PDCs were returned unpaid. A demand notice dated 19.04.2018 was issued to the corporate debtor under Section 8 of the I&B Code demanding payment of USD 2,32,425/-, but the corporate debtor did not reply. The corporate debtor admitted its liability towards the outstanding amount vide its letter dated 10.12.2018. The operational debt is more than Rupees One Lakh.
…Applicant supplied fresh apples to the…
Applicant supplied fresh apples to the…