The case involves an application filed by Seaboard Special Crops India Private Limited (Operational Creditor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Ravi Commodities Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for goods supplied under three contracts. The Corporate Debtor contested the application, alleging that the Operational Creditor suppressed material facts and that there was a dispute regarding the quality of goods supplied. The Corporate Debtor also claimed a right to set off against dues from Seaboard USA, another company related to the Operational Creditor.
Seaboard Special Crops India Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Ravi Commodities Private Limited (Corporate Debtor). The application was based on alleged default in payment for goods supplied under three contracts dated January 17, 2018, January 22, 2018, and February 1, 2018. The Operational Creditor claimed that they had supplied Canadian whole red lentil crimson type in bags to the Corporate Debtor. The Corporate Debtor received the goods and invoices without objection but made only part payments, leaving a balance of Rs. 64,05,750/-. The Operational Creditor also claimed interest on the outstanding amount. The
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Seaboard Special Crops and Seaboard USA jointly…
Officials from FSSAI…
The case involves an application filed by Seaboard Special Crops India Private Limited (Operational Creditor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Ravi Commodities Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for goods supplied under three contracts. The Corporate Debtor contested the application, alleging that the Operational Creditor suppressed material facts and that there was a dispute regarding the quality of goods supplied. The Corporate Debtor also claimed a right to set off against dues from Seaboard USA, another company related to the Operational Creditor.
Seaboard Special Crops India Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Ravi Commodities Private Limited (Corporate Debtor). The application was based on alleged default in payment for goods supplied under three contracts dated January 17, 2018, January 22, 2018, and February 1, 2018. The Operational Creditor claimed that they had supplied Canadian whole red lentil crimson type in bags to the Corporate Debtor. The Corporate Debtor received the goods and invoices without objection but made only part payments, leaving a balance of Rs. 64,05,750/-. The Operational Creditor also claimed interest on the outstanding amount. The
…Seaboard Special Crops and Seaboard USA jointly…
Officials from FSSAI…