Laxmi Organic Industries Limited, the Operational Creditor/Applicant, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) to initiate Corporate Insolvency Resolution Process (CIRP) against Prithviraj Plastics Private Limited, the Corporate Debtor. The operational creditor claimed a total amount of Rs. 4,42,61,918, which includes a principal amount of Rs. 3,00,00,000 and interest of Rs. 1,42,61,918 accrued until July 25, 2021, at a rate of 18% per annum. The default date was 10.02.2019, the date by which repayment of the advance payment should have been made if the goods were not supplied. The applicant, Laxmi Organic Industries, is engaged in manufacturing specialty chemicals and entered into a Supply Agreement with
…Laxmi Organic Industries Limited (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against Prithviraj Plastics Private Limited (Corporate Debtor). The claim was for Rs. 4,42,61,918, including a principal of Rs. 3,00,00,000 and interest. The default date was 10.02.2019. Laxmi Organic Industries is a specialty chemicals manufacturer. They entered into a Supply Agreement with Prithviraj Plastics and Shri Saikrupa Sugar & Allied Industries Limited, where Prithviraj Plastics was to supply 10,00,000 liters of Rectified Spirit or Specially Denatured Spirit by January 2019 at Rs. 31 per liter. Laxmi Organic Industries made an advance payment of Rs. 3,00,00,000. The Corporate Debtor failed to supply
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Laxmi Organic Industries entered into a Supply…
The Corporate Debtor agreed to sell/supply…
Laxmi Organic Industries Limited, the Operational Creditor/Applicant, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) to initiate Corporate Insolvency Resolution Process (CIRP) against Prithviraj Plastics Private Limited, the Corporate Debtor. The operational creditor claimed a total amount of Rs. 4,42,61,918, which includes a principal amount of Rs. 3,00,00,000 and interest of Rs. 1,42,61,918 accrued until July 25, 2021, at a rate of 18% per annum. The default date was 10.02.2019, the date by which repayment of the advance payment should have been made if the goods were not supplied. The applicant, Laxmi Organic Industries, is engaged in manufacturing specialty chemicals and entered into a Supply Agreement with
…Laxmi Organic Industries Limited (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against Prithviraj Plastics Private Limited (Corporate Debtor). The claim was for Rs. 4,42,61,918, including a principal of Rs. 3,00,00,000 and interest. The default date was 10.02.2019. Laxmi Organic Industries is a specialty chemicals manufacturer. They entered into a Supply Agreement with Prithviraj Plastics and Shri Saikrupa Sugar & Allied Industries Limited, where Prithviraj Plastics was to supply 10,00,000 liters of Rectified Spirit or Specially Denatured Spirit by January 2019 at Rs. 31 per liter. Laxmi Organic Industries made an advance payment of Rs. 3,00,00,000. The Corporate Debtor failed to supply
…Laxmi Organic Industries entered into a Supply…
The Corporate Debtor agreed to sell/supply…