M/s Rishabh Texco Private Limited filed an insolvency petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Shivalik Cotsyn Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for goods supplied. A compromise agreement was entered into between the parties to transfer land in lieu of outstanding payments, but the agreement failed due to issues with the land title. The Operational Creditor then issued a demand notice under Section 8 of the IBC, which was replied to by the Corporate Debtor, acknowledging the debt but disputing the mode of payment.
M/s Rishabh Texco Private Limited (Operational Creditor) filed an insolvency petition against M/s Shivalik Cotsyn Private Limited (Corporate Debtor) for non-payment of dues. The Operational Creditor is engaged in manufacturing surgical cotton, trading cotton, yarn, and acting as a commission agent. The Corporate Debtor placed purchase orders for cotton, and the Operational Creditor supplied goods. The due date for payment was 'ten days' from the 'Parakh' date. The Operational Creditor maintained a running account of transactions. As of 05.09.2016, the balance amount payable was Rs. 80,25,915/-. The Corporate Debtor made a last payment of Rs. 2,00,000/- on 05.09.2016. After adjusting the last payment, the outstanding balance was Rs. 78,25,915/-. A compromise agreement
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Balance amount payable…
Corporate debtor made…
M/s Rishabh Texco Private Limited filed an insolvency petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Shivalik Cotsyn Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for goods supplied. A compromise agreement was entered into between the parties to transfer land in lieu of outstanding payments, but the agreement failed due to issues with the land title. The Operational Creditor then issued a demand notice under Section 8 of the IBC, which was replied to by the Corporate Debtor, acknowledging the debt but disputing the mode of payment.
M/s Rishabh Texco Private Limited (Operational Creditor) filed an insolvency petition against M/s Shivalik Cotsyn Private Limited (Corporate Debtor) for non-payment of dues. The Operational Creditor is engaged in manufacturing surgical cotton, trading cotton, yarn, and acting as a commission agent. The Corporate Debtor placed purchase orders for cotton, and the Operational Creditor supplied goods. The due date for payment was 'ten days' from the 'Parakh' date. The Operational Creditor maintained a running account of transactions. As of 05.09.2016, the balance amount payable was Rs. 80,25,915/-. The Corporate Debtor made a last payment of Rs. 2,00,000/- on 05.09.2016. After adjusting the last payment, the outstanding balance was Rs. 78,25,915/-. A compromise agreement
…Balance amount payable…
Corporate debtor made…