Radiance Corporation, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Sankalp Papers Industries Pvt. Ltd, the corporate debtor, due to non-payment of a security deposit of Rs. 15,00,000. Radiance Corporation provided services as an indent agent for importing waste paper to Sankalp Papers Industries from Canada. A dispute arose regarding the quality of the imported goods and demurrage charges, leading to the corporate debtor withholding the security deposit.
Radiance Corporation, a proprietorship firm, acted as an indent agent for Sankalp Papers Industries Pvt. Ltd, importing waste paper from Canada. A security deposit of Rs. 15,00,000 was provided by Radiance Corporation to Sankalp Papers Industries. The corporate debtor, Sankalp Papers Industries, withheld the security deposit, claiming that the goods were of sub-standard quality and that Radiance Corporation failed to prepare the documentation properly on time and because of that the respondent had to suffer huge demurrage charges. Radiance Corporation claimed the deposit was refundable upon completion of shipments. The corporate debtor admitted to the liability in its audited balance sheet for the period 2018-19. The corporate debtor claimed that representatives from
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Sankalp Papers…
Letter dated 26.03.2018 signed by both parties…
Radiance Corporation, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Sankalp Papers Industries Pvt. Ltd, the corporate debtor, due to non-payment of a security deposit of Rs. 15,00,000. Radiance Corporation provided services as an indent agent for importing waste paper to Sankalp Papers Industries from Canada. A dispute arose regarding the quality of the imported goods and demurrage charges, leading to the corporate debtor withholding the security deposit.
Radiance Corporation, a proprietorship firm, acted as an indent agent for Sankalp Papers Industries Pvt. Ltd, importing waste paper from Canada. A security deposit of Rs. 15,00,000 was provided by Radiance Corporation to Sankalp Papers Industries. The corporate debtor, Sankalp Papers Industries, withheld the security deposit, claiming that the goods were of sub-standard quality and that Radiance Corporation failed to prepare the documentation properly on time and because of that the respondent had to suffer huge demurrage charges. Radiance Corporation claimed the deposit was refundable upon completion of shipments. The corporate debtor admitted to the liability in its audited balance sheet for the period 2018-19. The corporate debtor claimed that representatives from
…Sankalp Papers…
Letter dated 26.03.2018 signed by both parties…