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 and made partial payments but failed to clear the outstanding dues despite repeated reminders. The operational creditor issued demand notices, but the corporate debtor failed to respond or make payments.
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, including Watermelon Seeds, Ridge Gourd, Chilly, Okra, Tomato, Bitter Gourd, and Bottle Gourd, raising invoices amounting to Rs. 1,20,11,800/-. The first default occurred on 24.07.2017. The Corporate Debtor acknowledged its debt and made partial payments totaling INR 12,02,550 in different tranches. Despite repeated reminders, the Corporate Debtor failed to clear the outstanding dues. The Corporate Debtor
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The first default…
On 08.11.2017, the Corporate Debtor requested…
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 and made partial payments but failed to clear the outstanding dues despite repeated reminders. The operational creditor issued demand notices, but the corporate debtor failed to respond or make payments.
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, including Watermelon Seeds, Ridge Gourd, Chilly, Okra, Tomato, Bitter Gourd, and Bottle Gourd, raising invoices amounting to Rs. 1,20,11,800/-. The first default occurred on 24.07.2017. The Corporate Debtor acknowledged its debt and made partial payments totaling INR 12,02,550 in different tranches. Despite repeated reminders, the Corporate Debtor failed to clear the outstanding dues. The Corporate Debtor
…The first default…
On 08.11.2017, the Corporate Debtor requested…