Shri Vardhman Rice Mills Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against J J Solvex Private Limited, the corporate debtor, due to unpaid operational debt related to the supply of paddy. The operational creditor claimed a total default of ₹6,96,985/-, including principal and interest. The corporate debtor acknowledged the transactions but cited liquidity issues as the reason for non-payment. The Adjudicating Authority considered whether the demand notice was properly served and whether there was any pre-existing dispute.
Shri Vardhman Rice Mills Private Limited (Operational Creditor) supplied Paddy to J J Solvex Private Limited (Corporate Debtor) between 2017-06-24 and 2017-06-27, raising invoices accordingly. The principal amount outstanding was ₹5,72,532/-. The debt fell due 14 days from the invoice date. A demand notice in Form No.3 dated 2018-10-01 was served upon the Corporate Debtor. The total amount claimed to be in default was ₹6,96,985/-, inclusive of ₹1,24,453/- as interest at 18%. The Corporate Debtor replied to the demand notice on 2018-10-26, admitting the transactions but stating its inability to clear the debt due to a liquidity crunch. The Corporate Debtor did not dispute the liability towards the operational creditor. The operational creditor proposed Mr. Vishawjeet
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Shri Vardhman Rice Mills Private Limited…
A demand notice in Form…
Shri Vardhman Rice Mills Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against J J Solvex Private Limited, the corporate debtor, due to unpaid operational debt related to the supply of paddy. The operational creditor claimed a total default of ₹6,96,985/-, including principal and interest. The corporate debtor acknowledged the transactions but cited liquidity issues as the reason for non-payment. The Adjudicating Authority considered whether the demand notice was properly served and whether there was any pre-existing dispute.
Shri Vardhman Rice Mills Private Limited (Operational Creditor) supplied Paddy to J J Solvex Private Limited (Corporate Debtor) between 2017-06-24 and 2017-06-27, raising invoices accordingly. The principal amount outstanding was ₹5,72,532/-. The debt fell due 14 days from the invoice date. A demand notice in Form No.3 dated 2018-10-01 was served upon the Corporate Debtor. The total amount claimed to be in default was ₹6,96,985/-, inclusive of ₹1,24,453/- as interest at 18%. The Corporate Debtor replied to the demand notice on 2018-10-26, admitting the transactions but stating its inability to clear the debt due to a liquidity crunch. The Corporate Debtor did not dispute the liability towards the operational creditor. The operational creditor proposed Mr. Vishawjeet
…Shri Vardhman Rice Mills Private Limited…
A demand notice in Form…