The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016 by M/s. Sha Kantilal Jayantilal, the Operational Creditor, against M/s. Sreesai Trading India Private Limited, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a total outstanding amount of Rs. 18,15,234/-, including principal and interest, for the supply of Basmati Rice. The Corporate Debtor admitted its liability but sought time to settle the matter, citing the Covid-19 pandemic and market vagrancies as reasons for its inability to pay.
M/s. Sha Kantilal Jayantilal, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against M/s. Sreesai Trading India Private Limited, the Corporate Debtor. The Operational Creditor claimed an outstanding amount of Rs. 18,15,234/-, comprising a principal amount of Rs. 15,33,875/- and interest of Rs. 2,81,359/-, for the supply of Basmati Rice during May-June 2018. The Operational Creditor issued invoices for the supplied goods. The Corporate Debtor allegedly failed to pay the outstanding amount despite repeated reminders. A Statutory Demand Notice under Section 8 of IBC, 2016, was issued to the Corporate Debtor on 09.08.2017 and received by them. The Corporate Debtor did not raise any objection to the demand
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Operational Creditor supplied Basmati Rice to…
The Corporate Debtor…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016 by M/s. Sha Kantilal Jayantilal, the Operational Creditor, against M/s. Sreesai Trading India Private Limited, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a total outstanding amount of Rs. 18,15,234/-, including principal and interest, for the supply of Basmati Rice. The Corporate Debtor admitted its liability but sought time to settle the matter, citing the Covid-19 pandemic and market vagrancies as reasons for its inability to pay.
M/s. Sha Kantilal Jayantilal, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against M/s. Sreesai Trading India Private Limited, the Corporate Debtor. The Operational Creditor claimed an outstanding amount of Rs. 18,15,234/-, comprising a principal amount of Rs. 15,33,875/- and interest of Rs. 2,81,359/-, for the supply of Basmati Rice during May-June 2018. The Operational Creditor issued invoices for the supplied goods. The Corporate Debtor allegedly failed to pay the outstanding amount despite repeated reminders. A Statutory Demand Notice under Section 8 of IBC, 2016, was issued to the Corporate Debtor on 09.08.2017 and received by them. The Corporate Debtor did not raise any objection to the demand
…Operational Creditor supplied Basmati Rice to…
The Corporate Debtor…