The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by M/s Tata International Ltd (Operational Creditor) against M/s Trident Sugars Ltd (Corporate Debtor) for a sum of Rs. 21,67,10,677/-. The operational creditor sought initiation of Corporate Insolvency Resolution Process (CIRP), a moratorium, and appointment of an Interim Resolution Professional. The corporate debtor denied the averments, claiming the application was not maintainable due to a defective demand notice, existence of a dispute, and the debt being non-operational. A Trade Agreement was entered into on 30.09.2019, where the operational creditor agreed to pay an advance of Rs.15,00,00,000/- to the corporate debtor for sugar supply by 31.03.2020. The
…M/s Tata International Ltd (Operational Creditor) filed a petition against M/s Trident Sugars Ltd (Corporate Debtor) under Section 9 of the IBC, claiming Rs. 21,67,10,677/-. A Trade Agreement dated 30.09.2019 required the Operational Creditor to advance Rs. 15,00,00,000/- for sugar supply by 31.03.2020. The Corporate Debtor allegedly breached the agreement. An addendum extended the agreement to 30.11.2020 with 30% interest. Credit notes were issued. A demand notice was sent on 15.11.2021. The Corporate Debtor argued the application was not maintainable due to a defective demand notice, a pre-existing dispute, and the debt being non-operational. They also stated that a subsequent MOU dated 18.02.2022 rescheduled payments, altering the default date. The Operational
…Sign in to view the parties.
Parties entered into a Trade Agreement for…
Original deadline for…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by M/s Tata International Ltd (Operational Creditor) against M/s Trident Sugars Ltd (Corporate Debtor) for a sum of Rs. 21,67,10,677/-. The operational creditor sought initiation of Corporate Insolvency Resolution Process (CIRP), a moratorium, and appointment of an Interim Resolution Professional. The corporate debtor denied the averments, claiming the application was not maintainable due to a defective demand notice, existence of a dispute, and the debt being non-operational. A Trade Agreement was entered into on 30.09.2019, where the operational creditor agreed to pay an advance of Rs.15,00,00,000/- to the corporate debtor for sugar supply by 31.03.2020. The
…M/s Tata International Ltd (Operational Creditor) filed a petition against M/s Trident Sugars Ltd (Corporate Debtor) under Section 9 of the IBC, claiming Rs. 21,67,10,677/-. A Trade Agreement dated 30.09.2019 required the Operational Creditor to advance Rs. 15,00,00,000/- for sugar supply by 31.03.2020. The Corporate Debtor allegedly breached the agreement. An addendum extended the agreement to 30.11.2020 with 30% interest. Credit notes were issued. A demand notice was sent on 15.11.2021. The Corporate Debtor argued the application was not maintainable due to a defective demand notice, a pre-existing dispute, and the debt being non-operational. They also stated that a subsequent MOU dated 18.02.2022 rescheduled payments, altering the default date. The Operational
…Parties entered into a Trade Agreement for…
Original deadline for…