The case involves a petition filed by P.Laxman Kumar & Company (Operational Creditor) against S.P.Y. Agro Industries Limited (Corporate Debtor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to a default of Rs. 51,36,288 as of July 20, 2019. The operational creditor claimed to have supplied maize to the corporate debtor, raising invoices from 2016 to 2018, with a part payment made by the corporate debtor. The corporate debtor disputed the claim, citing non-receipt of invoices, adjustments for cement supply, and discrepancies in weight of goods. The Adjudicating Authority considered the arguments and evidence presented by both parties.
P. Laxman Kumar & Company (Operational Creditor) claimed that S.P.Y. Agro Industries Limited (Corporate Debtor) defaulted on a payment of Rs. 51,36,288 as of July 20, 2019. This debt arose from the supply of maize by the Operational Creditor to the Corporate Debtor between 2016 and 2018, for which invoices totaling Rs. 63,15,178 were raised. The Corporate Debtor made a partial payment of Rs. 22,01,370 by March 19, 2018, and another payment of Rs. 1,75,000 in 2019. The Operational Creditor issued a demand notice under Section 8 of the IBC on August 26, 2019, which was received by the Corporate Debtor on August 27, 2019. The Corporate Debtor replied to the demand notice on September 14, 2019, disputing the claim. The Corporate Debtor claimed non-receipt of certain
…Sign in to view the parties.
Operational Creditor…
Corporate Debtor made a…
The case involves a petition filed by P.Laxman Kumar & Company (Operational Creditor) against S.P.Y. Agro Industries Limited (Corporate Debtor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to a default of Rs. 51,36,288 as of July 20, 2019. The operational creditor claimed to have supplied maize to the corporate debtor, raising invoices from 2016 to 2018, with a part payment made by the corporate debtor. The corporate debtor disputed the claim, citing non-receipt of invoices, adjustments for cement supply, and discrepancies in weight of goods. The Adjudicating Authority considered the arguments and evidence presented by both parties.
P. Laxman Kumar & Company (Operational Creditor) claimed that S.P.Y. Agro Industries Limited (Corporate Debtor) defaulted on a payment of Rs. 51,36,288 as of July 20, 2019. This debt arose from the supply of maize by the Operational Creditor to the Corporate Debtor between 2016 and 2018, for which invoices totaling Rs. 63,15,178 were raised. The Corporate Debtor made a partial payment of Rs. 22,01,370 by March 19, 2018, and another payment of Rs. 1,75,000 in 2019. The Operational Creditor issued a demand notice under Section 8 of the IBC on August 26, 2019, which was received by the Corporate Debtor on August 27, 2019. The Corporate Debtor replied to the demand notice on September 14, 2019, disputing the claim. The Corporate Debtor claimed non-receipt of certain
…Operational Creditor…
Corporate Debtor made a…