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, engaged in the business of sale and distribution of jute, supplied raw jute to the respondent, a Jute Mill. The respondent failed to honor the payments, leading to the filing of CP No. 172/2016 before the High Court for the States of Telangana and Andhra Pradesh at Hyderabad for winding up of the company. During the pendency of the proceedings, the parties entered into a settlement under a Memorandum of Understanding (MoU) dated 31.08.2018, where the
…Khetulal Pugalia And Sons (HUF), based in Kolkata and engaged in the business of sale and distribution of jute, supplied raw jute worth Rs. 1,91,61,177/- to Sri Lakshmi Srinivasa Jute Mills Pvt Ltd, a Jute Mill incorporated in 1994. The Jute Mill was initially a Private Limited Company, converted to a Public Limited Company on 2001-02-28, and then reconverted to a Private Limited Company on 2016-05-20. The Respondent failed to make payments for the supplied jute. 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 18% per annum. During the pendency of the winding up proceedings, the parties entered into a
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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, engaged in the business of sale and distribution of jute, supplied raw jute to the respondent, a Jute Mill. The respondent failed to honor the payments, leading to the filing of CP No. 172/2016 before the High Court for the States of Telangana and Andhra Pradesh at Hyderabad for winding up of the company. During the pendency of the proceedings, the parties entered into a settlement under a Memorandum of Understanding (MoU) dated 31.08.2018, where the
…Khetulal Pugalia And Sons (HUF), based in Kolkata and engaged in the business of sale and distribution of jute, supplied raw jute worth Rs. 1,91,61,177/- to Sri Lakshmi Srinivasa Jute Mills Pvt Ltd, a Jute Mill incorporated in 1994. The Jute Mill was initially a Private Limited Company, converted to a Public Limited Company on 2001-02-28, and then reconverted to a Private Limited Company on 2016-05-20. The Respondent failed to make payments for the supplied jute. 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 18% per annum. During the pendency of the winding up proceedings, the parties entered into a
…Sri Lakshmi Srinivasa…
Sri Lakshmi Srinivasa…