M/s. Agarwal Coal Corporation Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process against M/s. Surat Super Yarn Park Limited, alleging default in payment for the supply of coal. The applicant claimed that the corporate debtor approached them for the supply of coal, and a 'High Sea Sales Agreement' was entered into on 01.02.2014. The agreement stipulated payment within 45 days of delivery. The applicant supplied coal worth Rs. 4,63,35,000/- against two invoices. Despite sending payment collection memos and a demand notice dated 31.03.2017, the corporate debtor failed to make the payment. The application was filed on 18th October, 2017.
M/s. Agarwal Coal Corporation Private Limited (Operational Creditor) filed an application seeking to initiate Corporate Insolvency Resolution Process against M/s. Surat Super Yarn Park Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for coal supplied under a 'High Sea Sales Agreement' dated 01.02.2014. The agreement stipulated payment within 45 days of delivery. Two invoices, dated 01.02.2014 and 12.03.2014, totaled Rs. 4,63,35,000/-. The Operational Creditor sent a demand notice on 31.03.2017, which was received by the Corporate Debtor on 04.04.2017. The application was filed on 18.10.2017. The Operational Creditor also submitted a Memorandum of
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Agarwal Coal Corporation Pvt Ltd and Surat…
First invoice…
M/s. Agarwal Coal Corporation Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process against M/s. Surat Super Yarn Park Limited, alleging default in payment for the supply of coal. The applicant claimed that the corporate debtor approached them for the supply of coal, and a 'High Sea Sales Agreement' was entered into on 01.02.2014. The agreement stipulated payment within 45 days of delivery. The applicant supplied coal worth Rs. 4,63,35,000/- against two invoices. Despite sending payment collection memos and a demand notice dated 31.03.2017, the corporate debtor failed to make the payment. The application was filed on 18th October, 2017.
M/s. Agarwal Coal Corporation Private Limited (Operational Creditor) filed an application seeking to initiate Corporate Insolvency Resolution Process against M/s. Surat Super Yarn Park Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for coal supplied under a 'High Sea Sales Agreement' dated 01.02.2014. The agreement stipulated payment within 45 days of delivery. Two invoices, dated 01.02.2014 and 12.03.2014, totaled Rs. 4,63,35,000/-. The Operational Creditor sent a demand notice on 31.03.2017, which was received by the Corporate Debtor on 04.04.2017. The application was filed on 18.10.2017. The Operational Creditor also submitted a Memorandum of
…Agarwal Coal Corporation Pvt Ltd and Surat…
First invoice…