The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Christy Friedgram Industry (Operational Creditor) against Shree Ambika Sugars Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor failed to supply sugar after receiving an advance payment of ₹3,00,00,000. The Operational Creditor issued a purchase order to the Corporate Debtor on 10.11.2017 for the supply of 2000 MT of sugar. The Corporate Debtor acknowledged the receipt of the advance amount on 13.11.2017. Despite the advance payment, the Corporate Debtor failed to supply the sugar. The Corporate Debtor issued six post-dated cheques, each for ₹50,00,000, to
…On 10.11.2017, Christy Friedgram Industry (Operational Creditor) issued a purchase order to Shree Ambika Sugars Limited (Corporate Debtor) for the supply of 2000 MT of Sugar (S30 Grade) at ₹36,500 per MT, excluding GST. On the same day, the Operational Creditor made an advance payment of ₹3,00,00,000 to the Corporate Debtor via RTGS. On 13.11.2017, the Corporate Debtor acknowledged receipt of the advance. The Corporate Debtor failed to supply the sugar. On 06.12.2017, the Operational Creditor sent an email stating that they had already paid ₹3,00,00,000 to lift the material. On 24.05.2018, the Corporate Debtor issued six post-dated cheques, each for ₹50,00,000, totaling ₹3,00,00,000, to refund the advance. The cheques were dishonored due to 'INSUFFICIENT FUNDS'. The
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Christy Friedgram Industry issued a purchase…
Christy Friedgram Industry made an advance…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Christy Friedgram Industry (Operational Creditor) against Shree Ambika Sugars Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor failed to supply sugar after receiving an advance payment of ₹3,00,00,000. The Operational Creditor issued a purchase order to the Corporate Debtor on 10.11.2017 for the supply of 2000 MT of sugar. The Corporate Debtor acknowledged the receipt of the advance amount on 13.11.2017. Despite the advance payment, the Corporate Debtor failed to supply the sugar. The Corporate Debtor issued six post-dated cheques, each for ₹50,00,000, to
…On 10.11.2017, Christy Friedgram Industry (Operational Creditor) issued a purchase order to Shree Ambika Sugars Limited (Corporate Debtor) for the supply of 2000 MT of Sugar (S30 Grade) at ₹36,500 per MT, excluding GST. On the same day, the Operational Creditor made an advance payment of ₹3,00,00,000 to the Corporate Debtor via RTGS. On 13.11.2017, the Corporate Debtor acknowledged receipt of the advance. The Corporate Debtor failed to supply the sugar. On 06.12.2017, the Operational Creditor sent an email stating that they had already paid ₹3,00,00,000 to lift the material. On 24.05.2018, the Corporate Debtor issued six post-dated cheques, each for ₹50,00,000, totaling ₹3,00,00,000, to refund the advance. The cheques were dishonored due to 'INSUFFICIENT FUNDS'. The
…Christy Friedgram Industry issued a purchase…
Christy Friedgram Industry made an advance…