Sucden India Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Matoshri Laxmi Sugar Co-Generation Industries Limited, the Corporate Debtor. The application was based on a Purchase Agreement where the Operational Creditor agreed to purchase sugar from the Corporate Debtor. The Corporate Debtor allegedly failed to supply the sugar on time, leading to a claim for penalty and interest by the Operational Creditor.
Sucden India Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Matoshri Laxmi Sugar Co-Generation Industries Limited (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into a Purchase Agreement dated 10.10.2018, where the Operational Creditor agreed to purchase a minimum of 5,600 MTs and a maximum of 15,000 MTs of sugar from the Corporate Debtor during the 2018-2019 season. The Operational Creditor made an advance payment of Rs.17,00,00,000/-. The Corporate Debtor supplied only 5,200 MTs of sugar in December 2018. The Operational Creditor raised a debit note for Rs.91,56,420/- dated 30.06.2019 towards penalty
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Operational Creditor and Corporate Debtor…
Operational Creditor…
Sucden India Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Matoshri Laxmi Sugar Co-Generation Industries Limited, the Corporate Debtor. The application was based on a Purchase Agreement where the Operational Creditor agreed to purchase sugar from the Corporate Debtor. The Corporate Debtor allegedly failed to supply the sugar on time, leading to a claim for penalty and interest by the Operational Creditor.
Sucden India Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Matoshri Laxmi Sugar Co-Generation Industries Limited (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into a Purchase Agreement dated 10.10.2018, where the Operational Creditor agreed to purchase a minimum of 5,600 MTs and a maximum of 15,000 MTs of sugar from the Corporate Debtor during the 2018-2019 season. The Operational Creditor made an advance payment of Rs.17,00,00,000/-. The Corporate Debtor supplied only 5,200 MTs of sugar in December 2018. The Operational Creditor raised a debit note for Rs.91,56,420/- dated 30.06.2019 towards penalty
…Operational Creditor and Corporate Debtor…
Operational Creditor…