Meher Oil Industries Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Swastik Oil Refinery Private Limited, the Corporate Debtor, for failing to make payment of a sum of Rs. 65,04,438 as of March 31, 2018, plus interest at 25% per annum from April 1, 2018, to July 31, 2020, totaling Rs. 1,02,98,692. The Operational Creditor supplied crude rice bran oil to the Corporate Debtor between November 28, 2017, and December 7, 2017, and raised invoices. The Corporate Debtor claimed deficiencies in the quality of the oil and disputed the interest rate.
Meher Oil Industries Limited (Operational Creditor) filed a petition against Swastik Oil Refinery Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor supplied crude rice bran oil to the Corporate Debtor between November 28, 2017, and December 7, 2017, raising invoices. The Corporate Debtor defaulted on payments totaling Rs. 65,04,438 as of March 31, 2018, plus interest at 25% per annum from April 1, 2018, to July 31, 2020, amounting to Rs. 37,94,254, bringing the total due to Rs. 1,02,98,692 as of July 31, 2020. A demand notice under Section 8 of the Code was issued on August 12, 2020. The Corporate Debtor claimed that the oil supplied was not as per the agreed quality and FFA standards, and that
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Operational Creditor…
Operational Creditor…
Meher Oil Industries Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Swastik Oil Refinery Private Limited, the Corporate Debtor, for failing to make payment of a sum of Rs. 65,04,438 as of March 31, 2018, plus interest at 25% per annum from April 1, 2018, to July 31, 2020, totaling Rs. 1,02,98,692. The Operational Creditor supplied crude rice bran oil to the Corporate Debtor between November 28, 2017, and December 7, 2017, and raised invoices. The Corporate Debtor claimed deficiencies in the quality of the oil and disputed the interest rate.
Meher Oil Industries Limited (Operational Creditor) filed a petition against Swastik Oil Refinery Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor supplied crude rice bran oil to the Corporate Debtor between November 28, 2017, and December 7, 2017, raising invoices. The Corporate Debtor defaulted on payments totaling Rs. 65,04,438 as of March 31, 2018, plus interest at 25% per annum from April 1, 2018, to July 31, 2020, amounting to Rs. 37,94,254, bringing the total due to Rs. 1,02,98,692 as of July 31, 2020. A demand notice under Section 8 of the Code was issued on August 12, 2020. The Corporate Debtor claimed that the oil supplied was not as per the agreed quality and FFA standards, and that
…Operational Creditor…
Operational Creditor…