Saba Bahar Iranian Company, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Royal Agro Green Food Industries Pvt. Ltd., the corporate debtor, due to non-payment of dues for the supply of yellow corn. The petitioner claimed to have placed an order for 12,500 MT of yellow corn worth Rs. 22.35 crores. Despite various agreements and extensions, the corporate debtor failed to supply the goods or return the advance payment.
Saba Bahar Iranian Company (Operational Creditor) placed an order for 12,500 MT of Yellow Corn worth Rs. 22.35 crores with M/s. Royal Agro Green Food Industries Pvt. Ltd. (Corporate Debtor). The Corporate Debtor agreed to export and supply the corn as per a Performa Invoice dated 06.09.2012. A Memorandum of Understanding was signed on 28.10.2012 outlining the terms. The Corporate Debtor requested a partial payment of Rs. 27 lakhs as a deposit, followed by a request for a further deposit of Rs. 1 crore. The Operational Creditor opened a Letter of Credit for Rs. 22.35 crores. The Corporate Debtor failed to dispatch the corn, citing heavy congestion. The Corporate Debtor unilaterally demanded an additional 7% deposit. The Operational Creditor paid an additional Rs. 1.63
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Corporate Debtor issued a Performa Invoice…
Memorandum of Understanding was signed by both…
Saba Bahar Iranian Company, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Royal Agro Green Food Industries Pvt. Ltd., the corporate debtor, due to non-payment of dues for the supply of yellow corn. The petitioner claimed to have placed an order for 12,500 MT of yellow corn worth Rs. 22.35 crores. Despite various agreements and extensions, the corporate debtor failed to supply the goods or return the advance payment.
Saba Bahar Iranian Company (Operational Creditor) placed an order for 12,500 MT of Yellow Corn worth Rs. 22.35 crores with M/s. Royal Agro Green Food Industries Pvt. Ltd. (Corporate Debtor). The Corporate Debtor agreed to export and supply the corn as per a Performa Invoice dated 06.09.2012. A Memorandum of Understanding was signed on 28.10.2012 outlining the terms. The Corporate Debtor requested a partial payment of Rs. 27 lakhs as a deposit, followed by a request for a further deposit of Rs. 1 crore. The Operational Creditor opened a Letter of Credit for Rs. 22.35 crores. The Corporate Debtor failed to dispatch the corn, citing heavy congestion. The Corporate Debtor unilaterally demanded an additional 7% deposit. The Operational Creditor paid an additional Rs. 1.63
…Corporate Debtor issued a Performa Invoice…
Memorandum of Understanding was signed by both…