The case involves an application filed by Shri R. Sathyanarayana, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Sri Murugarajendra Oil Industry Private Limited, the corporate debtor. The operational debt claimed is Rs.9,38,068/-. The petitioner is a commission agent for oil, oil seeds, and Bengal gram, and claims that the corporate debtor defaulted on payments for brokerage bills raised between 2007 and 2013. The corporate debtor acknowledged the outstanding amount in a letter dated 15.12.2018, and the petitioner sent a demand notice on 15.02.2019.
Shri R. Sathyanarayana, the petitioner, is an operational creditor engaged in the business of commission agency for oil, oil seeds, and Bengal gram. M/s. Sri Murugarajendra Oil Industry Private Limited, the respondent, is the corporate debtor. The petitioner claims that the corporate debtor owes him Rs.9,38,068/- for unpaid brokerage bills raised between 2007 and 2013. The petitioner helped the corporate debtor procure oil and oil seeds for commission. The corporate debtor was prompt in clearing bills initially, but later stopped paying. The corporate debtor acknowledged the outstanding amount in a letter dated 15.12.2018. The petitioner sent a demand notice dated 15.02.2019 under Section 8 of the IBC. The respondent did not raise any dispute regarding the debt. The
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The case involves an application filed by Shri R. Sathyanarayana, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Sri Murugarajendra Oil Industry Private Limited, the corporate debtor. The operational debt claimed is Rs.9,38,068/-. The petitioner is a commission agent for oil, oil seeds, and Bengal gram, and claims that the corporate debtor defaulted on payments for brokerage bills raised between 2007 and 2013. The corporate debtor acknowledged the outstanding amount in a letter dated 15.12.2018, and the petitioner sent a demand notice on 15.02.2019.
Shri R. Sathyanarayana, the petitioner, is an operational creditor engaged in the business of commission agency for oil, oil seeds, and Bengal gram. M/s. Sri Murugarajendra Oil Industry Private Limited, the respondent, is the corporate debtor. The petitioner claims that the corporate debtor owes him Rs.9,38,068/- for unpaid brokerage bills raised between 2007 and 2013. The petitioner helped the corporate debtor procure oil and oil seeds for commission. The corporate debtor was prompt in clearing bills initially, but later stopped paying. The corporate debtor acknowledged the outstanding amount in a letter dated 15.12.2018. The petitioner sent a demand notice dated 15.02.2019 under Section 8 of the IBC. The respondent did not raise any dispute regarding the debt. The
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The Petitioner raised…