The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s. Saraogi Udyog Private Limited (Operational Creditor) against M/s. Sindhu Trade Links Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP) due to default in payment of an outstanding amount of INR 1,26,04,227/- along with interest. The Operational Creditor is in the business of import and supply of coal, and the Corporate Debtor had approached them for the purchase of Indonesian Origin Coal. The Corporate Debtor placed purchase orders, and invoices were raised. Payments were made, but an outstanding balance remained. Despite reminders, the Corporate Debtor failed to make the payment.
M/s. Saraogi Udyog Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Sindhu Trade Links Limited (Corporate Debtor) for default in payment. The Operational Creditor is engaged in the business of importing and supplying coal. The Corporate Debtor approached the Operational Creditor for purchasing Indonesian Origin Coal. Two purchase orders were placed on 26.11.2020 and 21.12.2020, totaling Rs. 15,02,12,997/-. A formal contract was entered into on 10.12.2020. Invoices were raised between 10.12.2020 and 16.01.2021, and payments aggregating to Rs. 13,76,08,750/- were received. An outstanding balance of Rs. 1,26,04,227/- remained due. Despite repeated reminders, the Corporate Debtor failed to
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Corporate Debtor placed…
Formal contract…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s. Saraogi Udyog Private Limited (Operational Creditor) against M/s. Sindhu Trade Links Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP) due to default in payment of an outstanding amount of INR 1,26,04,227/- along with interest. The Operational Creditor is in the business of import and supply of coal, and the Corporate Debtor had approached them for the purchase of Indonesian Origin Coal. The Corporate Debtor placed purchase orders, and invoices were raised. Payments were made, but an outstanding balance remained. Despite reminders, the Corporate Debtor failed to make the payment.
M/s. Saraogi Udyog Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Sindhu Trade Links Limited (Corporate Debtor) for default in payment. The Operational Creditor is engaged in the business of importing and supplying coal. The Corporate Debtor approached the Operational Creditor for purchasing Indonesian Origin Coal. Two purchase orders were placed on 26.11.2020 and 21.12.2020, totaling Rs. 15,02,12,997/-. A formal contract was entered into on 10.12.2020. Invoices were raised between 10.12.2020 and 16.01.2021, and payments aggregating to Rs. 13,76,08,750/- were received. An outstanding balance of Rs. 1,26,04,227/- remained due. Despite repeated reminders, the Corporate Debtor failed to
…Corporate Debtor placed…
Formal contract…