The case involves an application filed by Swamy Traders, an operational creditor, against SNS Starch Ltd, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. Swamy Traders claimed that SNS Starch Ltd. defaulted on a payment of Rs. 3,83,23,524/-, which included principal and interest calculated up to 02.07.2019, for maize supplied. The operational creditor sought initiation of the Corporate Insolvency Resolution Process (CIRP), a moratorium, and appointment of an Interim Resolution Professional (IRP). The corporate debtor contested the claim, alleging disputes over the quality of maize, limitation, and the absence of a formal purchase order.
Swamy Traders, an operational creditor, filed a petition against SNS Starch Ltd, a corporate debtor, under Section 9 of the IBC, claiming a default of Rs. 3,83,23,524/- (including interest). The debt arose from the supply of maize by Swamy Traders to SNS Starch Ltd. The operational creditor submitted invoices, bank statements, and ledger accounts as evidence of the debt and default. SNS Starch Ltd. contested the claim, alleging that the maize supplied was of substandard quality, that the claim was barred by limitation, and that there was no formal purchase order. The corporate debtor also claimed to have filed a recovery suit in the Commercial Court at Hyderabad prior to the demand notice. Swamy Traders argued that the corporate debtor had made part payments,
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The case involves an application filed by Swamy Traders, an operational creditor, against SNS Starch Ltd, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. Swamy Traders claimed that SNS Starch Ltd. defaulted on a payment of Rs. 3,83,23,524/-, which included principal and interest calculated up to 02.07.2019, for maize supplied. The operational creditor sought initiation of the Corporate Insolvency Resolution Process (CIRP), a moratorium, and appointment of an Interim Resolution Professional (IRP). The corporate debtor contested the claim, alleging disputes over the quality of maize, limitation, and the absence of a formal purchase order.
Swamy Traders, an operational creditor, filed a petition against SNS Starch Ltd, a corporate debtor, under Section 9 of the IBC, claiming a default of Rs. 3,83,23,524/- (including interest). The debt arose from the supply of maize by Swamy Traders to SNS Starch Ltd. The operational creditor submitted invoices, bank statements, and ledger accounts as evidence of the debt and default. SNS Starch Ltd. contested the claim, alleging that the maize supplied was of substandard quality, that the claim was barred by limitation, and that there was no formal purchase order. The corporate debtor also claimed to have filed a recovery suit in the Commercial Court at Hyderabad prior to the demand notice. Swamy Traders argued that the corporate debtor had made part payments,
…Interest calculated up…
Swamy Traders issued a…