M/s Verbio India Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Farm2Energy Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to a default in payment. The Operational Creditor and Corporate Debtor entered into an agreement for the supply of paddy biomass, with an advance payment made by the Operational Creditor. However, the Corporate Debtor allegedly failed to supply the agreed quantity of material.
M/s Verbio India Pvt. Ltd. (Operational Creditor) and M/s Farm2Energy Private Limited (Corporate Debtor) entered into an agreement for the supply of 20,000 tonnes of paddy biomass, with a total consideration of Rs. 4,40,00,000/-. The Operational Creditor made an advance payment of Rs. 1,19,53,864/- to the Corporate Debtor. The Corporate Debtor supplied material worth Rs. 34,46,136, but the Operational Creditor claimed the Corporate Debtor failed to supply the agreed quantity. The Operational Creditor served a legal notice and a statutory demand notice under Section 8 of the Code for the refund of Rs. 1,19,53,864/-. The Corporate Debtor claimed to have supplied biomass bales worth Rs. 2,20,00,000/-, which were rejected by the Operational Creditor. The date of default
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The date of default as…
The Operational…
M/s Verbio India Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Farm2Energy Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to a default in payment. The Operational Creditor and Corporate Debtor entered into an agreement for the supply of paddy biomass, with an advance payment made by the Operational Creditor. However, the Corporate Debtor allegedly failed to supply the agreed quantity of material.
M/s Verbio India Pvt. Ltd. (Operational Creditor) and M/s Farm2Energy Private Limited (Corporate Debtor) entered into an agreement for the supply of 20,000 tonnes of paddy biomass, with a total consideration of Rs. 4,40,00,000/-. The Operational Creditor made an advance payment of Rs. 1,19,53,864/- to the Corporate Debtor. The Corporate Debtor supplied material worth Rs. 34,46,136, but the Operational Creditor claimed the Corporate Debtor failed to supply the agreed quantity. The Operational Creditor served a legal notice and a statutory demand notice under Section 8 of the Code for the refund of Rs. 1,19,53,864/-. The Corporate Debtor claimed to have supplied biomass bales worth Rs. 2,20,00,000/-, which were rejected by the Operational Creditor. The date of default
…The date of default as…
The Operational…