The case involves a Company Petition filed by Span Fibre India Private Limited (Operational Creditor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Vedik Cotton Limited (Corporate Debtor). The claim is for an operational debt of Rs. 70,76,944 as on 31.03.2016, along with interest. The Operational Creditor and Corporate Debtor had a Memorandum of Understanding dated 01.06.2005, where the Operational Creditor agreed to make payments on behalf of the Corporate Debtor to Reliance Industries Ltd. for the purchase of goods. An agreement dated 01.07.2009 designated the Operational Creditor as the Del Credere Agent of Reliance Industries Limited.
Span Fibre India Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Vedik Cotton Limited (Corporate Debtor) for an operational debt. The debt amounted to Rs. 70,76,944 as of March 31, 2016, with additional interest of Rs. 5,08,424 as of February 14 and 15, 2017, totaling Rs. 75,85,368. The Operational Creditor and Corporate Debtor had a Memorandum of Understanding (MOU) dated June 1, 2005, where the Operational Creditor agreed to make payments on behalf of the Corporate Debtor to Reliance Industries Ltd. for purchasing goods. An agreement dated July 1, 2009, designated the Operational Creditor as the Del Credere Agent of Reliance Industries Limited. The Corporate Debtor maintained a running
…Sign in to view the parties.
Operational Creditor agreed to make payments…
Operational Creditor…
The case involves a Company Petition filed by Span Fibre India Private Limited (Operational Creditor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Vedik Cotton Limited (Corporate Debtor). The claim is for an operational debt of Rs. 70,76,944 as on 31.03.2016, along with interest. The Operational Creditor and Corporate Debtor had a Memorandum of Understanding dated 01.06.2005, where the Operational Creditor agreed to make payments on behalf of the Corporate Debtor to Reliance Industries Ltd. for the purchase of goods. An agreement dated 01.07.2009 designated the Operational Creditor as the Del Credere Agent of Reliance Industries Limited.
Span Fibre India Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Vedik Cotton Limited (Corporate Debtor) for an operational debt. The debt amounted to Rs. 70,76,944 as of March 31, 2016, with additional interest of Rs. 5,08,424 as of February 14 and 15, 2017, totaling Rs. 75,85,368. The Operational Creditor and Corporate Debtor had a Memorandum of Understanding (MOU) dated June 1, 2005, where the Operational Creditor agreed to make payments on behalf of the Corporate Debtor to Reliance Industries Ltd. for purchasing goods. An agreement dated July 1, 2009, designated the Operational Creditor as the Del Credere Agent of Reliance Industries Limited. The Corporate Debtor maintained a running
…Operational Creditor agreed to make payments…
Operational Creditor…