The case involves a Company Petition filed by Mr. B.N. Sharath Patel, Sole Proprietor of M/s. Global Marketing, an Operational Creditor, under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Maylari Agro Products Ltd., the Corporate Debtor, due to a default of Rs.2,43,04,626/-. The Operational Creditor claims to have supplied food products to the Corporate Debtor, with outstanding invoices remaining unpaid. The Corporate Debtor did not respond to the demand notice sent by the Operational Creditor.
Mr. B.N. Sharath Patel, operating as M/s. Global Marketing, filed a petition under Section 9 of the IBC, 2016, against M/s. Maylari Agro Products Ltd. The claim was for Rs. 2,43,04,626/-, representing unpaid invoices for food products supplied by M/s. Global Marketing to M/s. Maylari Agro Products Ltd. The Corporate Debtor allegedly failed to pay the outstanding amount despite repeated requests and a demand notice. The Operational Creditor expressed apprehension about the Corporate Debtor's competency to run the company. Crucially, the NCLT noted that a prior CIRP had already been initiated against M/s. Maylari Agro Products Ltd. via CP (IB) No. 02/BB/2020, filed by Smt. Yogitha Vijaykumar. This prior CIRP was a key factor in the NCLT's decision.
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Date of the order…
Mr. B.N. Sharath Patel filed a Company Petition…
The case involves a Company Petition filed by Mr. B.N. Sharath Patel, Sole Proprietor of M/s. Global Marketing, an Operational Creditor, under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Maylari Agro Products Ltd., the Corporate Debtor, due to a default of Rs.2,43,04,626/-. The Operational Creditor claims to have supplied food products to the Corporate Debtor, with outstanding invoices remaining unpaid. The Corporate Debtor did not respond to the demand notice sent by the Operational Creditor.
Mr. B.N. Sharath Patel, operating as M/s. Global Marketing, filed a petition under Section 9 of the IBC, 2016, against M/s. Maylari Agro Products Ltd. The claim was for Rs. 2,43,04,626/-, representing unpaid invoices for food products supplied by M/s. Global Marketing to M/s. Maylari Agro Products Ltd. The Corporate Debtor allegedly failed to pay the outstanding amount despite repeated requests and a demand notice. The Operational Creditor expressed apprehension about the Corporate Debtor's competency to run the company. Crucially, the NCLT noted that a prior CIRP had already been initiated against M/s. Maylari Agro Products Ltd. via CP (IB) No. 02/BB/2020, filed by Smt. Yogitha Vijaykumar. This prior CIRP was a key factor in the NCLT's decision.
Date of the order…
Mr. B.N. Sharath Patel filed a Company Petition…