The case involves a Company Petition filed by Gimpex Private Limited (Operational Creditor) against Surana Power Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed unpaid debt for the supply of Indonesian coal. The Corporate Debtor had made partial payments, but a significant amount remained outstanding. The Operational Creditor issued a demand notice, which was not replied to or acted upon by the Corporate Debtor, leading to the filing of the petition.
Gimpex Private Limited (Operational Creditor) filed a petition against Surana Power Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP due to unpaid operational debt. The Operational Creditor had supplied 30,000 Mts of Indonesian coal to Surana Corporation Limited under a High Sea Sale Agreement dated 2013-10-25, for a total price of Rs. 9,10,34,835. Subsequently, Surana Corporation Limited transferred its liability to Surana Power Limited via a board resolution dated 2014-07-30. The Corporate Debtor made partial payments totaling Rs. 3,14,87,400. A demand notice was issued on 2017-09-16 for the outstanding principal amount of Rs. 6,39,93,165 along with interest and demurrage charges. The Corporate Debtor
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Gimpex Private Limited entered into a High Sea…
Surana Corporation Limited transferred its…
The case involves a Company Petition filed by Gimpex Private Limited (Operational Creditor) against Surana Power Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed unpaid debt for the supply of Indonesian coal. The Corporate Debtor had made partial payments, but a significant amount remained outstanding. The Operational Creditor issued a demand notice, which was not replied to or acted upon by the Corporate Debtor, leading to the filing of the petition.
Gimpex Private Limited (Operational Creditor) filed a petition against Surana Power Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP due to unpaid operational debt. The Operational Creditor had supplied 30,000 Mts of Indonesian coal to Surana Corporation Limited under a High Sea Sale Agreement dated 2013-10-25, for a total price of Rs. 9,10,34,835. Subsequently, Surana Corporation Limited transferred its liability to Surana Power Limited via a board resolution dated 2014-07-30. The Corporate Debtor made partial payments totaling Rs. 3,14,87,400. A demand notice was issued on 2017-09-16 for the outstanding principal amount of Rs. 6,39,93,165 along with interest and demurrage charges. The Corporate Debtor
…Gimpex Private Limited entered into a High Sea…
Surana Corporation Limited transferred its…