M/s Flexi Plast Industries, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s KKR Agro Mills Private Limited, the corporate debtor, for recovery of Rs. 6,79,377/- due to default in payment of debt. The respondent filed a counter affidavit opposing the reliefs sought. During the hearing on March 3, 2021, the operational creditor's counsel sought to withdraw the application with liberty to file a fresh one. A withdrawal application was filed, revealing that the corporate debtor had made a payment of Rs. 6,00,000/- on August 1, 2019, which was wrongly credited to another account. The applicant admitted the error in accounting. The remaining balance due is Rs. 79,337/-.
M/s Flexi Plast Industries, as the operational creditor, initiated proceedings against M/s KKR Agro Mills Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking recovery of Rs. 6,79,377/-. The corporate debtor allegedly defaulted on the payment. The respondent filed a counter affidavit opposing the application. During the proceedings, it was revealed that the corporate debtor had made a payment of Rs. 6,00,000/- on August 1, 2019, which was incorrectly credited to the account of M/s KKR Product and Marketing Private Limited. The operational creditor acknowledged the accounting error. The remaining unpaid balance was Rs. 79,337/-. The operational creditor then sought permission to withdraw the application with the
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M/s Flexi Plast Industries filed an…
The respondent, M/s KKR Agro Mills Private…
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M/s Flexi Plast Industries, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s KKR Agro Mills Private Limited, the corporate debtor, for recovery of Rs. 6,79,377/- due to default in payment of debt. The respondent filed a counter affidavit opposing the reliefs sought. During the hearing on March 3, 2021, the operational creditor's counsel sought to withdraw the application with liberty to file a fresh one. A withdrawal application was filed, revealing that the corporate debtor had made a payment of Rs. 6,00,000/- on August 1, 2019, which was wrongly credited to another account. The applicant admitted the error in accounting. The remaining balance due is Rs. 79,337/-.
M/s Flexi Plast Industries, as the operational creditor, initiated proceedings against M/s KKR Agro Mills Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking recovery of Rs. 6,79,377/-. The corporate debtor allegedly defaulted on the payment. The respondent filed a counter affidavit opposing the application. During the proceedings, it was revealed that the corporate debtor had made a payment of Rs. 6,00,000/- on August 1, 2019, which was incorrectly credited to the account of M/s KKR Product and Marketing Private Limited. The operational creditor acknowledged the accounting error. The remaining unpaid balance was Rs. 79,337/-. The operational creditor then sought permission to withdraw the application with the
…M/s Flexi Plast Industries filed an…
The respondent, M/s KKR Agro Mills Private…
Sign in to view related legal provisions.