Tokas Filling Station, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Venture Supply Chain Private Limited, the Corporate Debtor, due to a default of Rs. 1,30,12,447/- excluding interest. The Operational Creditor and Corporate Debtor had an agreement since 01.01.2020 for the supply of Brand Motor Fuel (Diesel Fuel) to the Corporate Debtor. The Corporate Debtor failed to release payment for the supplied services since May 2024, despite follow-ups. The Operational Creditor issued a demand notice under Section 8 of the Code on 23.10.2024, to which the Corporate Debtor responded, acknowledging the debt but failing to repay.
Tokas Filling Station (Operational Creditor) and Venture Supply Chain Private Limited (Corporate Debtor) entered into an agreement on 01.01.2020 for the supply of Brand Motor Fuel (Diesel Fuel) to the Corporate Debtor. Since May 2024, the Corporate Debtor failed to make payments for the fuel supplied, leading to a total outstanding amount of Rs. 1,30,12,447/- excluding interest. The Operational Creditor issued invoices fortnightly as per the agreement. A cheque of Rs. 1,12,00,000/- issued by the Corporate Debtor was returned with the remark "Debit Not Allowed". The Operational Creditor issued a demand notice under Section 8 of the IBC on 23.10.2024. The Corporate Debtor acknowledged the debt via email on 26.10.2024 but failed to repay. The date of default is
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Tokas Filling Station and Venture Supply Chain…
Venture Supply Chain…
Tokas Filling Station, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Venture Supply Chain Private Limited, the Corporate Debtor, due to a default of Rs. 1,30,12,447/- excluding interest. The Operational Creditor and Corporate Debtor had an agreement since 01.01.2020 for the supply of Brand Motor Fuel (Diesel Fuel) to the Corporate Debtor. The Corporate Debtor failed to release payment for the supplied services since May 2024, despite follow-ups. The Operational Creditor issued a demand notice under Section 8 of the Code on 23.10.2024, to which the Corporate Debtor responded, acknowledging the debt but failing to repay.
Tokas Filling Station (Operational Creditor) and Venture Supply Chain Private Limited (Corporate Debtor) entered into an agreement on 01.01.2020 for the supply of Brand Motor Fuel (Diesel Fuel) to the Corporate Debtor. Since May 2024, the Corporate Debtor failed to make payments for the fuel supplied, leading to a total outstanding amount of Rs. 1,30,12,447/- excluding interest. The Operational Creditor issued invoices fortnightly as per the agreement. A cheque of Rs. 1,12,00,000/- issued by the Corporate Debtor was returned with the remark "Debit Not Allowed". The Operational Creditor issued a demand notice under Section 8 of the IBC on 23.10.2024. The Corporate Debtor acknowledged the debt via email on 26.10.2024 but failed to repay. The date of default is
…Tokas Filling Station and Venture Supply Chain…
Venture Supply Chain…