The case pertains to an application filed by National Steel and Agro Industries Limited, the Operational Creditor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Rite Bite Trading Private Limited, the Corporate Debtor, due to a default in payment of dues. The Operational Creditor claimed a total default amount of Rs. 78,61,05,760/-. The Corporate Debtor had been purchasing agricultural products, specifically yellow peas, on credit from the Operational Creditor since 2013. The Corporate Debtor failed to clear invoices raised between May 2018 and August 2018, leading to the default.
National Steel and Agro Industries Limited (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Rite Bite Trading Private Limited (Corporate Debtor) for initiating CIRP due to unpaid operational debt. The Operational Creditor is engaged in the business of trading agro products and commodities. Since 2013, the Corporate Debtor had been purchasing yellow peas on credit from the Operational Creditor. The Corporate Debtor defaulted on payments for invoices raised between May 2018 and August 2018. The total outstanding amount was Rs. 78,61,05,760/-. The Operational Creditor issued reminder letters and legal notices. The Corporate Debtor made a partial payment of Rs. 2,95,00,000/- between August 2019 and December
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Corporate Debtor started purchasing…
The Corporate Debtor failed to clear invoices…
The case pertains to an application filed by National Steel and Agro Industries Limited, the Operational Creditor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Rite Bite Trading Private Limited, the Corporate Debtor, due to a default in payment of dues. The Operational Creditor claimed a total default amount of Rs. 78,61,05,760/-. The Corporate Debtor had been purchasing agricultural products, specifically yellow peas, on credit from the Operational Creditor since 2013. The Corporate Debtor failed to clear invoices raised between May 2018 and August 2018, leading to the default.
National Steel and Agro Industries Limited (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Rite Bite Trading Private Limited (Corporate Debtor) for initiating CIRP due to unpaid operational debt. The Operational Creditor is engaged in the business of trading agro products and commodities. Since 2013, the Corporate Debtor had been purchasing yellow peas on credit from the Operational Creditor. The Corporate Debtor defaulted on payments for invoices raised between May 2018 and August 2018. The total outstanding amount was Rs. 78,61,05,760/-. The Operational Creditor issued reminder letters and legal notices. The Corporate Debtor made a partial payment of Rs. 2,95,00,000/- between August 2019 and December
…Corporate Debtor started purchasing…
The Corporate Debtor failed to clear invoices…