The case involves a petition filed by Zhejiang Industrial Group Co., Ltd (Operational Creditor) against Al Badr Seafoods Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default amount of Rs. 8,52,78,758.79/- based on unpaid invoices for goods supplied. The Corporate Debtor disputed the debt, alleging a pre-existing dispute and denying the execution of a settlement agreement. The Operational Creditor contended that the Corporate Debtor had admitted to the debt and entered into a settlement agreement through its associate enterprise, Al Badr Sarl, a Tunisian entity. The Corporate Debtor argued that the goods were not
…Zhejiang Industrial Group Co., Ltd (Operational Creditor) filed a petition against Al Badr Seafoods Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for a default amount of Rs. 8,52,78,758.79/-. The Operational Creditor is a company registered in China, engaged in processing and distributing seafood. The Corporate Debtor approached the Operational Creditor for purchasing Frozen Precooked Skip Jack Tuna Loins. Sales contracts were entered into between the parties, and the Operational Creditor supplied the goods. Three invoices were raised, which remained unpaid. The Corporate Debtor, through its associate enterprise Al Badr Sarl (Tunisia), proposed to release the outstanding debt in installments, leading to a settlement
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Date of Sales…
Date of Sales…
The case involves a petition filed by Zhejiang Industrial Group Co., Ltd (Operational Creditor) against Al Badr Seafoods Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default amount of Rs. 8,52,78,758.79/- based on unpaid invoices for goods supplied. The Corporate Debtor disputed the debt, alleging a pre-existing dispute and denying the execution of a settlement agreement. The Operational Creditor contended that the Corporate Debtor had admitted to the debt and entered into a settlement agreement through its associate enterprise, Al Badr Sarl, a Tunisian entity. The Corporate Debtor argued that the goods were not
…Zhejiang Industrial Group Co., Ltd (Operational Creditor) filed a petition against Al Badr Seafoods Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for a default amount of Rs. 8,52,78,758.79/-. The Operational Creditor is a company registered in China, engaged in processing and distributing seafood. The Corporate Debtor approached the Operational Creditor for purchasing Frozen Precooked Skip Jack Tuna Loins. Sales contracts were entered into between the parties, and the Operational Creditor supplied the goods. Three invoices were raised, which remained unpaid. The Corporate Debtor, through its associate enterprise Al Badr Sarl (Tunisia), proposed to release the outstanding debt in installments, leading to a settlement
…Date of Sales…
Date of Sales…