Suryansh Merchandise India Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Gujarat Ambuja Exports Limited, the Corporate Debtor, for initiation of Corporate Insolvency Resolution Process (CIRP) due to a default in payment of operational debt amounting to Rs. 17,60,550/-. The Corporate Debtor argued that there was a pre-existing dispute regarding the quality of coal supplied, citing that the Gross Calorific Value (GCV) was below the agreed-upon standards, and they had issued debit notes for the difference. The Operational Creditor denied receiving these debit notes or any communication regarding the quality issues.
Suryansh Merchandise India Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Gujarat Ambuja Exports Limited (Corporate Debtor) for initiating CIRP, claiming a default of Rs. 17,60,550/-. The application was based on unpaid operational debt related to the supply of steam coal. The Corporate Debtor had issued a purchase order (No. 4500181423 dated 08.01.2018) for 2000 Metric Tons of steam coal, specifying a minimum GCV of 5000 K. Cal/Kg, with deductions for lower GCV. The Operational Creditor supplied 2022.170 Metric Tons of coal between 10.01.2018 and 24.02.2018, raising invoices for Rs. 1,49,28,670.15. The Corporate Debtor paid Rs. 1,34,97,327.50 but withheld the balance, claiming the coal supplied
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Gujarat Ambuja Exports Limited issued Purchase…
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Suryansh Merchandise India Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Gujarat Ambuja Exports Limited, the Corporate Debtor, for initiation of Corporate Insolvency Resolution Process (CIRP) due to a default in payment of operational debt amounting to Rs. 17,60,550/-. The Corporate Debtor argued that there was a pre-existing dispute regarding the quality of coal supplied, citing that the Gross Calorific Value (GCV) was below the agreed-upon standards, and they had issued debit notes for the difference. The Operational Creditor denied receiving these debit notes or any communication regarding the quality issues.
Suryansh Merchandise India Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Gujarat Ambuja Exports Limited (Corporate Debtor) for initiating CIRP, claiming a default of Rs. 17,60,550/-. The application was based on unpaid operational debt related to the supply of steam coal. The Corporate Debtor had issued a purchase order (No. 4500181423 dated 08.01.2018) for 2000 Metric Tons of steam coal, specifying a minimum GCV of 5000 K. Cal/Kg, with deductions for lower GCV. The Operational Creditor supplied 2022.170 Metric Tons of coal between 10.01.2018 and 24.02.2018, raising invoices for Rs. 1,49,28,670.15. The Corporate Debtor paid Rs. 1,34,97,327.50 but withheld the balance, claiming the coal supplied
…Gujarat Ambuja Exports Limited issued Purchase…
Suryansh Merchandise India Limited started…