M/s RPG Industrial Product Pvt. Ltd., an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Sahil International Pvt. Ltd., the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The petitioner-operational creditor is in the business of Polyester Staple Fiber (PSF), while the respondent-corporate debtor is in the trading business of Fiber and Yarn. The corporate debtor approached the operational creditor to act as a consignment agent for the sale of PSF. A Consignment Agreement was entered into on 01.02.2014, where the petitioner was the Consignor and the respondent was the Consignee. The operational creditor supplied material to the corporate debtor based on market demand,
…M/s RPG Industrial Product Pvt. Ltd. (operational creditor) filed a petition against M/s Sahil International Pvt. Ltd. (corporate debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor supplied Polyester Staple Fiber (PSF) to the corporate debtor under a Consignment Agreement dated 01.02.2014. The corporate debtor was to sell the material and pay commission. The operational creditor claimed a default of ₹50,79,896/-. A demand notice was issued on 29.12.2017 and delivered on 03.01.2018. The corporate debtor issued four cheques totaling ₹10,00,000 each, but three bounced. The corporate debtor requested the operational creditor not to present the fourth cheque. The corporate debtor claimed to have made payments totaling ₹22,50,000/-
…Sign in to view the parties.
Consignment Agreement entered into between M/s…
Demand notice issued by M/s RPG Industrial…
M/s RPG Industrial Product Pvt. Ltd., an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Sahil International Pvt. Ltd., the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The petitioner-operational creditor is in the business of Polyester Staple Fiber (PSF), while the respondent-corporate debtor is in the trading business of Fiber and Yarn. The corporate debtor approached the operational creditor to act as a consignment agent for the sale of PSF. A Consignment Agreement was entered into on 01.02.2014, where the petitioner was the Consignor and the respondent was the Consignee. The operational creditor supplied material to the corporate debtor based on market demand,
…M/s RPG Industrial Product Pvt. Ltd. (operational creditor) filed a petition against M/s Sahil International Pvt. Ltd. (corporate debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor supplied Polyester Staple Fiber (PSF) to the corporate debtor under a Consignment Agreement dated 01.02.2014. The corporate debtor was to sell the material and pay commission. The operational creditor claimed a default of ₹50,79,896/-. A demand notice was issued on 29.12.2017 and delivered on 03.01.2018. The corporate debtor issued four cheques totaling ₹10,00,000 each, but three bounced. The corporate debtor requested the operational creditor not to present the fourth cheque. The corporate debtor claimed to have made payments totaling ₹22,50,000/-
…Consignment Agreement entered into between M/s…
Demand notice issued by M/s RPG Industrial…