This case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Shri Seo Pal, proprietor of Banarasi Dass & Sons, an operational creditor, against Quality Rice Exports Pvt. Ltd., a corporate debtor, for initiating the corporate insolvency resolution process. The operational creditor claimed that the corporate debtor failed to pay an outstanding amount for the supply of paddy. An earlier petition (CP (IB) No.11/Chd/Pb/2018) was withdrawn due to technical defects related to the demand notice. The petitioner had also filed a suit for recovery in the Hon'ble High Court of Delhi, which was decreed in favor of the petitioner.
Shri Seo Pal, proprietor of Banarasi Dass & Sons, is an operational creditor who supplied paddy to Quality Rice Exports Pvt. Ltd., a corporate debtor. Transactions between the parties from 2014-05-10 to 2015-01-15 amounted to ₹2,87,51,689.05. Mr. Vineet Bansal, a director of the corporate debtor, acknowledged the debt. ₹1.25 crores was remitted to the petitioner, leaving a balance of ₹1,62,51,689.05 outstanding. The corporate debtor failed to pay despite a legal notice dated 2016-03-10. The petitioner filed a suit for recovery in the Delhi High Court, which was decreed for ₹1,62,51,689.05 plus interest. The corporate debtor did not appeal. A demand notice under Section 8 of the Code was sent on 2018-02-03 to the corporate debtor and its directors. The petition was
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This case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Shri Seo Pal, proprietor of Banarasi Dass & Sons, an operational creditor, against Quality Rice Exports Pvt. Ltd., a corporate debtor, for initiating the corporate insolvency resolution process. The operational creditor claimed that the corporate debtor failed to pay an outstanding amount for the supply of paddy. An earlier petition (CP (IB) No.11/Chd/Pb/2018) was withdrawn due to technical defects related to the demand notice. The petitioner had also filed a suit for recovery in the Hon'ble High Court of Delhi, which was decreed in favor of the petitioner.
Shri Seo Pal, proprietor of Banarasi Dass & Sons, is an operational creditor who supplied paddy to Quality Rice Exports Pvt. Ltd., a corporate debtor. Transactions between the parties from 2014-05-10 to 2015-01-15 amounted to ₹2,87,51,689.05. Mr. Vineet Bansal, a director of the corporate debtor, acknowledged the debt. ₹1.25 crores was remitted to the petitioner, leaving a balance of ₹1,62,51,689.05 outstanding. The corporate debtor failed to pay despite a legal notice dated 2016-03-10. The petitioner filed a suit for recovery in the Delhi High Court, which was decreed for ₹1,62,51,689.05 plus interest. The corporate debtor did not appeal. A demand notice under Section 8 of the Code was sent on 2018-02-03 to the corporate debtor and its directors. The petition was
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