HiteshKumar Sureshbhai Gajjar, proprietor of Richrelics Export, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Map Refoils India Limited, claiming to be an Operational Creditor. The applicant stated that the corporate debtor defaulted in making payment of Rs. 1,96,85,265/- for the supply of refined palmolein oil. The application was filed due to the corporate debtor's failure to pay the outstanding amount despite a demand notice.
HiteshKumar Sureshbhai Gajjar, proprietor of Richrelics Export, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Map Refoils India Limited. Richrelics Export, the applicant, is a proprietor engaged in the business of oil. Map Refoils India Limited, the corporate debtor, is a company limited by shares, incorporated on 09.01.2015. The applicant supplied refined palmolein oil to the corporate debtor and raised invoices on 12.04.2021 for Rs. 1,96,85,265/-. The corporate debtor acknowledged the outstanding amount in a letter dated 31.08.2021. The corporate debtor requested time to make the payment due to COVID-19 related issues in a letter dated 27.08.2021. The
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HiteshKumar Sureshbhai Gajjar, proprietor of Richrelics Export, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Map Refoils India Limited, claiming to be an Operational Creditor. The applicant stated that the corporate debtor defaulted in making payment of Rs. 1,96,85,265/- for the supply of refined palmolein oil. The application was filed due to the corporate debtor's failure to pay the outstanding amount despite a demand notice.
HiteshKumar Sureshbhai Gajjar, proprietor of Richrelics Export, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Map Refoils India Limited. Richrelics Export, the applicant, is a proprietor engaged in the business of oil. Map Refoils India Limited, the corporate debtor, is a company limited by shares, incorporated on 09.01.2015. The applicant supplied refined palmolein oil to the corporate debtor and raised invoices on 12.04.2021 for Rs. 1,96,85,265/-. The corporate debtor acknowledged the outstanding amount in a letter dated 31.08.2021. The corporate debtor requested time to make the payment due to COVID-19 related issues in a letter dated 27.08.2021. The
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