The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Jayapriya Fruits and Vegetables Commission Agent (Operational Creditor) against H G S Dairies and Agro Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The application was filed due to the Corporate Debtor's default in paying an amount of ₹11,93,758/- with 18% interest as on 19.05.2019.
Jayapriya Fruits and Vegetables Commission Agent (Operational Creditor) supplied fruits to H G S Dairies and Agro Limited (Corporate Debtor) between 05.04.2017 and 31.05.2018 for a total value of ₹29,31,660. The Corporate Debtor made a partial payment of ₹19,20,000, leaving a balance of ₹10,11,660 due from 01.06.2018. The Operational Creditor sent reminders and a demand notice on 20.05.2019, but the Corporate Debtor failed to make the payment. The Corporate Debtor's counsel filed a memo citing financial crisis as the reason for non-payment. The Corporate Debtor did not dispute the debt before the receipt of the demand notice. The outstanding debt as of 19.05.2019, including interest at 18%, amounted to ₹11,93,758.
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Operational Creditor…
Operational Creditor…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Jayapriya Fruits and Vegetables Commission Agent (Operational Creditor) against H G S Dairies and Agro Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The application was filed due to the Corporate Debtor's default in paying an amount of ₹11,93,758/- with 18% interest as on 19.05.2019.
Jayapriya Fruits and Vegetables Commission Agent (Operational Creditor) supplied fruits to H G S Dairies and Agro Limited (Corporate Debtor) between 05.04.2017 and 31.05.2018 for a total value of ₹29,31,660. The Corporate Debtor made a partial payment of ₹19,20,000, leaving a balance of ₹10,11,660 due from 01.06.2018. The Operational Creditor sent reminders and a demand notice on 20.05.2019, but the Corporate Debtor failed to make the payment. The Corporate Debtor's counsel filed a memo citing financial crisis as the reason for non-payment. The Corporate Debtor did not dispute the debt before the receipt of the demand notice. The outstanding debt as of 19.05.2019, including interest at 18%, amounted to ₹11,93,758.
Operational Creditor…
Operational Creditor…