The case involves an application filed by Shree Ambica Rice Mill (Financial Creditor) under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Kaneri Agro Industries Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a debt of Rs. 10,50,000/-, with the date of default stated as September 30, 2019. The Corporate Debtor admitted to the debt in an affidavit-in-reply dated January 3, 2020. The Financial Creditor is a partnership firm engaged in Paddy Milling, boiling, trading & manufacturing of Rice and other agricultural produce. Transactions between the parties were often squared up quickly. The Corporate Debtor also obtained a cash credit
…Shree Ambica Rice Mill, the Financial Creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Kaneri Agro Industries Limited, the Corporate Debtor. The Financial Creditor claimed a default of Rs. 10,50,000/-, with the default date being September 30, 2019. The Corporate Debtor admitted the debt in an affidavit. The Financial Creditor is a partnership firm involved in rice milling and related activities. Transactions between the parties were often quickly settled. The Corporate Debtor had obtained a cash credit limit from Bank of Baroda in October 2018. The bank declared the Corporate Debtor's account as a Non-Performing Asset (NPA) on August 2, 2019, and
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The Corporate Debtor…
Cash credit limit…
The case involves an application filed by Shree Ambica Rice Mill (Financial Creditor) under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Kaneri Agro Industries Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a debt of Rs. 10,50,000/-, with the date of default stated as September 30, 2019. The Corporate Debtor admitted to the debt in an affidavit-in-reply dated January 3, 2020. The Financial Creditor is a partnership firm engaged in Paddy Milling, boiling, trading & manufacturing of Rice and other agricultural produce. Transactions between the parties were often squared up quickly. The Corporate Debtor also obtained a cash credit
…Shree Ambica Rice Mill, the Financial Creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Kaneri Agro Industries Limited, the Corporate Debtor. The Financial Creditor claimed a default of Rs. 10,50,000/-, with the default date being September 30, 2019. The Corporate Debtor admitted the debt in an affidavit. The Financial Creditor is a partnership firm involved in rice milling and related activities. Transactions between the parties were often quickly settled. The Corporate Debtor had obtained a cash credit limit from Bank of Baroda in October 2018. The bank declared the Corporate Debtor's account as a Non-Performing Asset (NPA) on August 2, 2019, and
…The Corporate Debtor…
Cash credit limit…