Shri Gurudatt Sugars Marketing Pvt. Ltd. (Operational Creditor) filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the I & B (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against GM Sugar and Energy Ltd. (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into a commercial relationship vide sales confirmation dated 22.12.2016, where the Corporate Debtor was to supply sugar to the Operational Creditor against advance payment. The Corporate Debtor failed to supply the sugar despite receiving full payment.
Shri Gurudatt Sugars Marketing Pvt. Ltd. (Operational Creditor) and GM Sugar and Energy Ltd. (Corporate Debtor) entered into a commercial relationship on 22.12.2016 for the supply of sugar. The Corporate Debtor was to supply 26,500 quintals of S-30 Sugar at Rs. 3,725 per quintal to the Operational Creditor by the second week of January 2017, against 100% advance payment. The Operational Creditor paid Rs. 9,87,12,500 as advance. Kejriwal Sugar Agencies Pvt. Ltd. made a payment of Rs. 1,00,00,000 on behalf of the Operational Creditor, and the remaining Rs. 8,87,12,500 was paid directly by the Operational Creditor. The Corporate Debtor failed to supply the sugar. The Operational Creditor sent reminders, but the Corporate Debtor did not refund the advance. The Corporate
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GM Sugar and Energy…
Operational Creditor and Corporate Debtor…
Shri Gurudatt Sugars Marketing Pvt. Ltd. (Operational Creditor) filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the I & B (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against GM Sugar and Energy Ltd. (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into a commercial relationship vide sales confirmation dated 22.12.2016, where the Corporate Debtor was to supply sugar to the Operational Creditor against advance payment. The Corporate Debtor failed to supply the sugar despite receiving full payment.
Shri Gurudatt Sugars Marketing Pvt. Ltd. (Operational Creditor) and GM Sugar and Energy Ltd. (Corporate Debtor) entered into a commercial relationship on 22.12.2016 for the supply of sugar. The Corporate Debtor was to supply 26,500 quintals of S-30 Sugar at Rs. 3,725 per quintal to the Operational Creditor by the second week of January 2017, against 100% advance payment. The Operational Creditor paid Rs. 9,87,12,500 as advance. Kejriwal Sugar Agencies Pvt. Ltd. made a payment of Rs. 1,00,00,000 on behalf of the Operational Creditor, and the remaining Rs. 8,87,12,500 was paid directly by the Operational Creditor. The Corporate Debtor failed to supply the sugar. The Operational Creditor sent reminders, but the Corporate Debtor did not refund the advance. The Corporate
…GM Sugar and Energy…
Operational Creditor and Corporate Debtor…