The case involves an application filed by Renu Bala, an operational creditor, against Shree Basant Oils Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied. The corporate debtor admitted to the liability but cited financial difficulties as the reason for non-payment.
Renu Bala, the operational creditor, filed a petition against Shree Basant Oils Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 12,43,564. The operational creditor supplied 67,000 fry gold 1 ltr. pouch cartoons and 29,550 fry gold 500 ml pouch cartoons to the corporate debtor based on purchase orders. The corporate debtor failed to make timely payments for the supplied goods. The operational creditor issued invoices for each quarter and subsequently issued a demand notice under Section 8 of the IBC on 2019-09-27. The corporate debtor acknowledged the debt but cited financial difficulties as the reason for non-payment. The Adjudicating Authority observed that there was a work relationship between the
…Sign in to view the parties.
Operational creditor issued a demand notice…
The court reserved the…
The case involves an application filed by Renu Bala, an operational creditor, against Shree Basant Oils Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied. The corporate debtor admitted to the liability but cited financial difficulties as the reason for non-payment.
Renu Bala, the operational creditor, filed a petition against Shree Basant Oils Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 12,43,564. The operational creditor supplied 67,000 fry gold 1 ltr. pouch cartoons and 29,550 fry gold 500 ml pouch cartoons to the corporate debtor based on purchase orders. The corporate debtor failed to make timely payments for the supplied goods. The operational creditor issued invoices for each quarter and subsequently issued a demand notice under Section 8 of the IBC on 2019-09-27. The corporate debtor acknowledged the debt but cited financial difficulties as the reason for non-payment. The Adjudicating Authority observed that there was a work relationship between the
…Operational creditor issued a demand notice…
The court reserved the…