Ujjawal Refinery Private Limited, an operational creditor, filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Bhumi Cottex Industry Pvt Ltd, the corporate debtor, for a resolution of operational debt amounting to Rs. 3,29,37,538/-. The operational creditor and corporate debtor had commercial transactions since 2019, with the operational creditor advancing Rs. 5,48,12,538/- for raw materials. The corporate debtor failed to supply the raw material due to Covid-19 and promised a refund. An amount of Rs. 2,18,75,000/- was refunded between 05.05.2020 and 30.09.2020, with a request for more time to refund the balance. The operational creditor granted time until
…Ujjawal Refinery Private Limited (Operational Creditor) and Bhumi Cottex Industry Pvt Ltd (Corporate Debtor) had commercial transactions since 2019. The Operational Creditor advanced Rs. 5,48,12,538/- to the Corporate Debtor for the purchase of raw materials. Due to Covid-19, the Corporate Debtor failed to supply the raw materials in April 2020 and promised to refund the advance. The Corporate Debtor refunded Rs. 2,18,75,000/- between May and September 2020 and sought additional time to refund the remaining amount, which was granted until July 2021. The Corporate Debtor failed to make further payments, leading the Operational Creditor to issue a demand notice under Section 8 of the IBC on 15.09.2021. The Corporate Debtor claimed a pre-existing dispute, alleging that
…Sign in to view the parties.
Commercial transactions commenced between…
Ujjawal Refinery Private Limited advanced Rs.…
Ujjawal Refinery Private Limited, an operational creditor, filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Bhumi Cottex Industry Pvt Ltd, the corporate debtor, for a resolution of operational debt amounting to Rs. 3,29,37,538/-. The operational creditor and corporate debtor had commercial transactions since 2019, with the operational creditor advancing Rs. 5,48,12,538/- for raw materials. The corporate debtor failed to supply the raw material due to Covid-19 and promised a refund. An amount of Rs. 2,18,75,000/- was refunded between 05.05.2020 and 30.09.2020, with a request for more time to refund the balance. The operational creditor granted time until
…Ujjawal Refinery Private Limited (Operational Creditor) and Bhumi Cottex Industry Pvt Ltd (Corporate Debtor) had commercial transactions since 2019. The Operational Creditor advanced Rs. 5,48,12,538/- to the Corporate Debtor for the purchase of raw materials. Due to Covid-19, the Corporate Debtor failed to supply the raw materials in April 2020 and promised to refund the advance. The Corporate Debtor refunded Rs. 2,18,75,000/- between May and September 2020 and sought additional time to refund the remaining amount, which was granted until July 2021. The Corporate Debtor failed to make further payments, leading the Operational Creditor to issue a demand notice under Section 8 of the IBC on 15.09.2021. The Corporate Debtor claimed a pre-existing dispute, alleging that
…Commercial transactions commenced between…
Ujjawal Refinery Private Limited advanced Rs.…