The case involves an application filed by Pan Oceanic Seed Solutions Private Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Camson Seeds Limited, the corporate debtor. The operational creditor claims that the corporate debtor defaulted on a total outstanding amount of Rs. 1,08,09,250/-. The corporate debtor acknowledged the debt multiple times but failed to clear the outstanding dues.
Pan Oceanic Seed Solutions Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Camson Seeds Limited (Corporate Debtor) due to a default of Rs. 1,08,09,250/-. The Operational Creditor supplied various seeds to the Corporate Debtor based on purchase orders, raising invoices amounting to Rs. 1,20,11,800/-. The first default occurred on 24.07.2017. The Corporate Debtor acknowledged the debt and made partial payments totaling Rs. 12,02,550. The Corporate Debtor also requested the Operational Creditor to take back certain products, which led to the issuance of a credit note. Despite repeated reminders and acknowledgments of debt, the Corporate
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First invoice d…
Corporate Debtor…
The case involves an application filed by Pan Oceanic Seed Solutions Private Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Camson Seeds Limited, the corporate debtor. The operational creditor claims that the corporate debtor defaulted on a total outstanding amount of Rs. 1,08,09,250/-. The corporate debtor acknowledged the debt multiple times but failed to clear the outstanding dues.
Pan Oceanic Seed Solutions Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Camson Seeds Limited (Corporate Debtor) due to a default of Rs. 1,08,09,250/-. The Operational Creditor supplied various seeds to the Corporate Debtor based on purchase orders, raising invoices amounting to Rs. 1,20,11,800/-. The first default occurred on 24.07.2017. The Corporate Debtor acknowledged the debt and made partial payments totaling Rs. 12,02,550. The Corporate Debtor also requested the Operational Creditor to take back certain products, which led to the issuance of a credit note. Despite repeated reminders and acknowledgments of debt, the Corporate
…First invoice d…
Corporate Debtor…