M/S Shree Jindal Soya, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Proful Oils Pvt. Ltd, the corporate debtor, for defaulting on a payment of Rs. 2,69,71,509/- towards goods supplied. The operational creditor claimed to have supplied goods under a High Seas Sale Agreement dated 2019-02-11, raising an invoice for Rs. 7,56,60,000/-, and despite receiving part payment, a significant amount remained outstanding. The corporate debtor contested the claim, alleging the goods were of inferior quality and unfit for consumption, and that a dispute existed, supported by an ongoing arbitration proceeding.
M/S Shree Jindal Soya (Operational Creditor) filed a petition to initiate CIRP against M/S Proful Oils Pvt. Ltd (Corporate Debtor) under Section 9 of the IBC, 2016, for a default of Rs. 2,69,71,509/-. The Operational Creditor claimed to have supplied Crude Palm Oil to the Corporate Debtor under a High Seas Sale Agreement dated 2019-02-11, raising invoice No. 29/2018-19 for Rs. 7,56,60,000/-. The Corporate Debtor made a part payment of Rs. 5,45,33,392/- but failed to pay the remaining amount of Rs. 2,11,26,608/-. The Operational Creditor sent a demand notice on 2020-07-10. The Corporate Debtor replied on 2020-07-24, disputing the quality of the supplied oil, claiming it was inferior and unfit for consumption, and citing a counter claim of Rs. 50 Crores. An arbitrator
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High Seas Sale Agreement executed between the…
Invoice No. 29/2018-19…
M/S Shree Jindal Soya, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Proful Oils Pvt. Ltd, the corporate debtor, for defaulting on a payment of Rs. 2,69,71,509/- towards goods supplied. The operational creditor claimed to have supplied goods under a High Seas Sale Agreement dated 2019-02-11, raising an invoice for Rs. 7,56,60,000/-, and despite receiving part payment, a significant amount remained outstanding. The corporate debtor contested the claim, alleging the goods were of inferior quality and unfit for consumption, and that a dispute existed, supported by an ongoing arbitration proceeding.
M/S Shree Jindal Soya (Operational Creditor) filed a petition to initiate CIRP against M/S Proful Oils Pvt. Ltd (Corporate Debtor) under Section 9 of the IBC, 2016, for a default of Rs. 2,69,71,509/-. The Operational Creditor claimed to have supplied Crude Palm Oil to the Corporate Debtor under a High Seas Sale Agreement dated 2019-02-11, raising invoice No. 29/2018-19 for Rs. 7,56,60,000/-. The Corporate Debtor made a part payment of Rs. 5,45,33,392/- but failed to pay the remaining amount of Rs. 2,11,26,608/-. The Operational Creditor sent a demand notice on 2020-07-10. The Corporate Debtor replied on 2020-07-24, disputing the quality of the supplied oil, claiming it was inferior and unfit for consumption, and citing a counter claim of Rs. 50 Crores. An arbitrator
…High Seas Sale Agreement executed between the…
Invoice No. 29/2018-19…