Vasavi & Co., the Operational Creditor, filed a petition against SNS Starch Limited, the Corporate Debtor, to initiate Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor alleged that the Corporate Debtor defaulted in paying Rs. 1,04,72,633/-, comprising a principal amount of Rs. 64,16,888/- and interest of Rs. 40,55,745/- at 18% per annum, for the supply of maize. The Corporate Debtor contested the petition, claiming pre-existing disputes, non-receipt of demand notice, and limitation.
Vasavi & Co. (Operational Creditor) claimed SNS Starch Limited (Corporate Debtor) defaulted on a payment of Rs. 1,04,72,633/-, including principal (Rs. 64,16,888/-) and interest (Rs. 40,55,745/- at 18% pa) for maize supply. The Corporate Debtor made a part payment of Rs. 65,00,000/- by 12.05.2016. The Operational Creditor issued a demand notice on 08.04.2019. The Corporate Debtor contended the petition was not maintainable due to pre-existing disputes, non-receipt of demand notice, and limitation. They claimed the invoices were false, the purchase order was for 1500 Metric tons, but only 770 Metric tons were supplied, and debit notes were issued for inferior quality. The Corporate Debtor argued the Operational Creditor inflated the invoice rate. The Operational
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The Corporate Debtor made…
The Operational Creditor issued a demand notice…
Vasavi & Co., the Operational Creditor, filed a petition against SNS Starch Limited, the Corporate Debtor, to initiate Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor alleged that the Corporate Debtor defaulted in paying Rs. 1,04,72,633/-, comprising a principal amount of Rs. 64,16,888/- and interest of Rs. 40,55,745/- at 18% per annum, for the supply of maize. The Corporate Debtor contested the petition, claiming pre-existing disputes, non-receipt of demand notice, and limitation.
Vasavi & Co. (Operational Creditor) claimed SNS Starch Limited (Corporate Debtor) defaulted on a payment of Rs. 1,04,72,633/-, including principal (Rs. 64,16,888/-) and interest (Rs. 40,55,745/- at 18% pa) for maize supply. The Corporate Debtor made a part payment of Rs. 65,00,000/- by 12.05.2016. The Operational Creditor issued a demand notice on 08.04.2019. The Corporate Debtor contended the petition was not maintainable due to pre-existing disputes, non-receipt of demand notice, and limitation. They claimed the invoices were false, the purchase order was for 1500 Metric tons, but only 770 Metric tons were supplied, and debit notes were issued for inferior quality. The Corporate Debtor argued the Operational Creditor inflated the invoice rate. The Operational
…The Corporate Debtor made…
The Operational Creditor issued a demand notice…