The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Indian Potash Limited (Operational Creditor) against Suman Phosphates and Chemicals Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed a default amount of Rs 10,86,82,581/-, stemming from two agreements dated 17.08.2016 and 07.10.2016. The corporate debtor allegedly defaulted on payments related to the supply of Rock Phosphate. The operational creditor provided a loan to the corporate debtor for purchasing Indigenous Rock Phosphate and also supplied 12000 Metric Tons of Rock Phosphate. The corporate debtor issued cheques which were dishonored. Legal notices were served, and the corporate debtor
…Indian Potash Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Suman Phosphates and Chemicals Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The default amount claimed was Rs 10,86,82,581/-. Two agreements were executed between the parties on 17.08.2016 and 07.10.2016. Under the first agreement, the corporate debtor became liable to pay Rs 1,33,34,200/- to the operational creditor. Under the second agreement, the corporate debtor became liable to pay Rs 6,52,78,088/-. The first agreement involved the operational creditor agreeing to import Egyptian/Jordanian Rock Phosphates and sell it to the corporate debtor. The operational creditor released Rs 1,33,34,200/-
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The petition was filed by Mr. Manish Kaushik,…
The first agreement was executed between the…
The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Indian Potash Limited (Operational Creditor) against Suman Phosphates and Chemicals Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed a default amount of Rs 10,86,82,581/-, stemming from two agreements dated 17.08.2016 and 07.10.2016. The corporate debtor allegedly defaulted on payments related to the supply of Rock Phosphate. The operational creditor provided a loan to the corporate debtor for purchasing Indigenous Rock Phosphate and also supplied 12000 Metric Tons of Rock Phosphate. The corporate debtor issued cheques which were dishonored. Legal notices were served, and the corporate debtor
…Indian Potash Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Suman Phosphates and Chemicals Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The default amount claimed was Rs 10,86,82,581/-. Two agreements were executed between the parties on 17.08.2016 and 07.10.2016. Under the first agreement, the corporate debtor became liable to pay Rs 1,33,34,200/- to the operational creditor. Under the second agreement, the corporate debtor became liable to pay Rs 6,52,78,088/-. The first agreement involved the operational creditor agreeing to import Egyptian/Jordanian Rock Phosphates and sell it to the corporate debtor. The operational creditor released Rs 1,33,34,200/-
…The petition was filed by Mr. Manish Kaushik,…
The first agreement was executed between the…