Cropberry Foods Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Button Industries Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on an alleged default of Rs. 1,92,99,829/-, comprising a principal amount of Rs. 1,86,61,999/- and interest of Rs. 6,37,830/- as of 19.07.2024, calculated at a rate of 24% per annum as per MSME Rules and Regulations. The date of default was stated to be 02.05.2024. Cropberry Foods claimed to have regularly supplied pulses to Button Industries from 02.04.2024 to 28.05.2024, and despite repeated requests, Button Industries failed to make the payments.
Cropberry Foods Private Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Button Industries Private Limited, the corporate debtor. Cropberry Foods claimed that Button Industries defaulted on a payment of Rs. 1,92,99,829/-, which included a principal amount of Rs. 1,86,61,999/- and interest of Rs. 6,37,830/- calculated at 24% per annum as per MSME Rules and Regulations as of 19.07.2024. The date of default was stated as 02.05.2024. Cropberry Foods asserted that it supplied pulses to Button Industries from 02.04.2024 to 28.05.2024. Button Industries acknowledged the debt but stated it was unable to pay due to continuous losses and financial difficulties. A demand notice was sent by Cropberry Foods
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Cropberry Foods Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Button Industries Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on an alleged default of Rs. 1,92,99,829/-, comprising a principal amount of Rs. 1,86,61,999/- and interest of Rs. 6,37,830/- as of 19.07.2024, calculated at a rate of 24% per annum as per MSME Rules and Regulations. The date of default was stated to be 02.05.2024. Cropberry Foods claimed to have regularly supplied pulses to Button Industries from 02.04.2024 to 28.05.2024, and despite repeated requests, Button Industries failed to make the payments.
Cropberry Foods Private Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Button Industries Private Limited, the corporate debtor. Cropberry Foods claimed that Button Industries defaulted on a payment of Rs. 1,92,99,829/-, which included a principal amount of Rs. 1,86,61,999/- and interest of Rs. 6,37,830/- calculated at 24% per annum as per MSME Rules and Regulations as of 19.07.2024. The date of default was stated as 02.05.2024. Cropberry Foods asserted that it supplied pulses to Button Industries from 02.04.2024 to 28.05.2024. Button Industries acknowledged the debt but stated it was unable to pay due to continuous losses and financial difficulties. A demand notice was sent by Cropberry Foods
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Button Industries Private Limited defaulted…