The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Khetulal Pugalia And Sons (HUF) against Sri Lakshmi Srinivasa Jute Mills Pvt Ltd, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to default in payment of an operational debt. The petitioner, a Hindu Undivided Family (HUF) based in Kolkata, supplied raw jute to the respondent, a Jute Mill. The respondent failed to make payments for the supplied jute, leading to the petitioner filing a winding-up petition before the High Court. During the pendency of the winding-up petition, the parties entered into a settlement agreement. However, the respondent defaulted on the settlement agreement as well, prompting the petitioner to issue a notice under
…Khetulal Pugalia And Sons (HUF), based in Kolkata and engaged in the business of sale and distribution of jute, supplied raw jute to Sri Lakshmi Srinivasa Jute Mills Pvt Ltd, a Jute Mill incorporated in 1994. The respondent failed to make payments for the jute worth Rs. 1,91,61,177. The petitioner filed CP No. 172/2016 before the High Court for the States of Telangana and Andhra Pradesh at Hyderabad for winding up of the Company, claiming default of Rs. 2,45,80,177.03/-, which included interest at the rate of 18% per annum. During the pendency of the proceedings, the parties entered into a Memorandum of Understanding (MoU) dated 31.08.2018 where under the Respondent agreed to pay Rs. 61,18,400/- towards full and final settlement of the claim. It issued a cheque of the
…Sign in to view the parties.
Sri Lakshmi Srinivasa…
Sri Lakshmi Srinivasa…
The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Khetulal Pugalia And Sons (HUF) against Sri Lakshmi Srinivasa Jute Mills Pvt Ltd, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to default in payment of an operational debt. The petitioner, a Hindu Undivided Family (HUF) based in Kolkata, supplied raw jute to the respondent, a Jute Mill. The respondent failed to make payments for the supplied jute, leading to the petitioner filing a winding-up petition before the High Court. During the pendency of the winding-up petition, the parties entered into a settlement agreement. However, the respondent defaulted on the settlement agreement as well, prompting the petitioner to issue a notice under
…Khetulal Pugalia And Sons (HUF), based in Kolkata and engaged in the business of sale and distribution of jute, supplied raw jute to Sri Lakshmi Srinivasa Jute Mills Pvt Ltd, a Jute Mill incorporated in 1994. The respondent failed to make payments for the jute worth Rs. 1,91,61,177. The petitioner filed CP No. 172/2016 before the High Court for the States of Telangana and Andhra Pradesh at Hyderabad for winding up of the Company, claiming default of Rs. 2,45,80,177.03/-, which included interest at the rate of 18% per annum. During the pendency of the proceedings, the parties entered into a Memorandum of Understanding (MoU) dated 31.08.2018 where under the Respondent agreed to pay Rs. 61,18,400/- towards full and final settlement of the claim. It issued a cheque of the
…Sri Lakshmi Srinivasa…
Sri Lakshmi Srinivasa…