Konkan Agro Marine Industries Private Limited, the operational creditor/petitioner, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jammu and Kashmir Cements Limited, the corporate debtor/respondent. The operational creditor claimed that the corporate debtor defaulted on payments for the supply of imported coal. The corporate debtor floated a tender for the purchase of imported coal, and the operational creditor was a successful bidder. The petitioner supplied coal to the corporate debtor based on purchase orders, and a running account was maintained since 2017. The corporate debtor made partial payments but failed to pay the outstanding amount. The petitioner issued a
…Konkan Agro Marine Industries 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 Jammu and Kashmir Cements Limited (Corporate Debtor). The Corporate Debtor floated a tender for the purchase of imported coal, and the Operational Creditor was a successful bidder. The Operational Creditor supplied coal to the Corporate Debtor based on purchase orders, maintaining a running account since 2017. The last payment was received on 2020-06-19. The Corporate Debtor acknowledged an outstanding amount of Rs.4,31,42,485/- via letter dated 2021-01-11. The amount claimed to be in default is Rs.4,33,04,721/-, with the default occurring on 2018-08-06. A
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Operational creditor…
The default occurred on 2018-08-06 i.e. the…
Konkan Agro Marine Industries Private Limited, the operational creditor/petitioner, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jammu and Kashmir Cements Limited, the corporate debtor/respondent. The operational creditor claimed that the corporate debtor defaulted on payments for the supply of imported coal. The corporate debtor floated a tender for the purchase of imported coal, and the operational creditor was a successful bidder. The petitioner supplied coal to the corporate debtor based on purchase orders, and a running account was maintained since 2017. The corporate debtor made partial payments but failed to pay the outstanding amount. The petitioner issued a
…Konkan Agro Marine Industries 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 Jammu and Kashmir Cements Limited (Corporate Debtor). The Corporate Debtor floated a tender for the purchase of imported coal, and the Operational Creditor was a successful bidder. The Operational Creditor supplied coal to the Corporate Debtor based on purchase orders, maintaining a running account since 2017. The last payment was received on 2020-06-19. The Corporate Debtor acknowledged an outstanding amount of Rs.4,31,42,485/- via letter dated 2021-01-11. The amount claimed to be in default is Rs.4,33,04,721/-, with the default occurring on 2018-08-06. A
…Operational creditor…
The default occurred on 2018-08-06 i.e. the…