RK Traders filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Bhattad Marketing & Distribution Limited, alleging default in repayment of debt amounting to Rs. 1,72,22,648.80/- plus interest @18% from 2019-11-21. The Corporate Debtor contested the petition, citing issues with the quality of goods supplied, discrepancies in invoices, and the absence of an agreement on interest. The Operational Creditor claimed that the Corporate Debtor acknowledged the debt in a Confirmation of Accounts statement.
RK Traders (Operational Creditor) filed a petition against Bhattad Marketing & Distribution Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, alleging a default of Rs. 1,72,22,648.80/- plus interest. RK Traders supplied incense sticks to Bhattad Marketing & Distribution Limited between April 2019 and October 2019, raising invoices totaling Rs. 18,92,48,659.80/-. Bhattad Marketing & Distribution Limited made part payments of Rs. 17,19,26,011.00, leaving an outstanding balance of Rs. 1,73,22,648.80. A Confirmation of Accounts statement dated 2023-01-31 acknowledged this outstanding balance. Bhattad Marketing & Distribution Limited claimed the incense sticks were of inferior quality, invoices were inaccurate, and there
…Sign in to view the parties.
Operational Creditor supplied incense sticks to…
The last invo…
RK Traders filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Bhattad Marketing & Distribution Limited, alleging default in repayment of debt amounting to Rs. 1,72,22,648.80/- plus interest @18% from 2019-11-21. The Corporate Debtor contested the petition, citing issues with the quality of goods supplied, discrepancies in invoices, and the absence of an agreement on interest. The Operational Creditor claimed that the Corporate Debtor acknowledged the debt in a Confirmation of Accounts statement.
RK Traders (Operational Creditor) filed a petition against Bhattad Marketing & Distribution Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, alleging a default of Rs. 1,72,22,648.80/- plus interest. RK Traders supplied incense sticks to Bhattad Marketing & Distribution Limited between April 2019 and October 2019, raising invoices totaling Rs. 18,92,48,659.80/-. Bhattad Marketing & Distribution Limited made part payments of Rs. 17,19,26,011.00, leaving an outstanding balance of Rs. 1,73,22,648.80. A Confirmation of Accounts statement dated 2023-01-31 acknowledged this outstanding balance. Bhattad Marketing & Distribution Limited claimed the incense sticks were of inferior quality, invoices were inaccurate, and there
…Operational Creditor supplied incense sticks to…
The last invo…