The case involves an application for the initiation of a corporate insolvency resolution process by Shree Karni PT. LTD. (Operational Creditor) against Maharaja Shree Umaid Mills Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed default in payment of Rs. 6,14,189 inclusive of interest till February 28, 2019, related to the purchase of hosiery yarn. The Corporate Debtor disputed the claim, asserting that the Operational Creditor was seeking a refund for goods already sold to its customers and that there was a pre-existing dispute regarding the quality of the supplied goods.
Shree Karni PT. LTD. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Maharaja Shree Umaid Mills Limited (Corporate Debtor) for default in payment of Rs. 6,14,189, inclusive of interest, till February 28, 2019. The Operational Creditor had purchased 6,123.600 Kgs of Hosiery Yarn from the Corporate Debtor, paying Rs. 14,11,506 as advance on January 24, 2018. The goods were found defective, and the Corporate Debtor was informed. The Corporate Debtor requested the Operational Creditor to sell the defective material at a reduced price. The Operational Creditor sold 4122 Kgs of yarn at Rs. 10 per Kg. The remaining 2047.980 Kgs were not lifted by the Corporate Debtor, and the pending amount of Rs. 4,72,073 was
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The case involves an application for the initiation of a corporate insolvency resolution process by Shree Karni PT. LTD. (Operational Creditor) against Maharaja Shree Umaid Mills Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed default in payment of Rs. 6,14,189 inclusive of interest till February 28, 2019, related to the purchase of hosiery yarn. The Corporate Debtor disputed the claim, asserting that the Operational Creditor was seeking a refund for goods already sold to its customers and that there was a pre-existing dispute regarding the quality of the supplied goods.
Shree Karni PT. LTD. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Maharaja Shree Umaid Mills Limited (Corporate Debtor) for default in payment of Rs. 6,14,189, inclusive of interest, till February 28, 2019. The Operational Creditor had purchased 6,123.600 Kgs of Hosiery Yarn from the Corporate Debtor, paying Rs. 14,11,506 as advance on January 24, 2018. The goods were found defective, and the Corporate Debtor was informed. The Corporate Debtor requested the Operational Creditor to sell the defective material at a reduced price. The Operational Creditor sold 4122 Kgs of yarn at Rs. 10 per Kg. The remaining 2047.980 Kgs were not lifted by the Corporate Debtor, and the pending amount of Rs. 4,72,073 was
…The Operational Creditor…
The Corporate Debtor communicated to the…