Growthtree Ventures Private Limited, the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Umbrella Genomics Private Limited, the Corporate Debtor (CD). The OC claimed that the CD failed to supply the agreed quantity of coal after receiving advance payments. An oral agreement was allegedly reached where the CD agreed to refund Rs. 1,00,00,000, and cheques were issued but later dishonored.
Growthtree Ventures Private Limited (Operational Creditor) sought to initiate CIRP against Umbrella Genomics Private Limited (Corporate Debtor) under Section 9 of IBC. The Corporate Debtor was to supply coal to the Operational Creditor, receiving advance payments totaling Rs. 3,85,00,000 between 31.08.2022 and 21.09.2022. The Corporate Debtor supplied a deficient quantity of 2405 MT of coal against an agreed quantity of 2600 MT. An invoice dated 24.09.2022 was issued for Rs. 3,15,81,589. The Corporate Debtor failed to supply the remaining coal, leading to an outstanding amount of Rs. 69,18,411. An oral agreement was reached where the Corporate Debtor agreed to pay Rs. 1,00,00,000, issuing two cheques dated 07.02.2023 for Rs. 40,00,000 and Rs. 60,00,000, respectively.
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Growthtree Ventures…
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Growthtree Ventures Private Limited, the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Umbrella Genomics Private Limited, the Corporate Debtor (CD). The OC claimed that the CD failed to supply the agreed quantity of coal after receiving advance payments. An oral agreement was allegedly reached where the CD agreed to refund Rs. 1,00,00,000, and cheques were issued but later dishonored.
Growthtree Ventures Private Limited (Operational Creditor) sought to initiate CIRP against Umbrella Genomics Private Limited (Corporate Debtor) under Section 9 of IBC. The Corporate Debtor was to supply coal to the Operational Creditor, receiving advance payments totaling Rs. 3,85,00,000 between 31.08.2022 and 21.09.2022. The Corporate Debtor supplied a deficient quantity of 2405 MT of coal against an agreed quantity of 2600 MT. An invoice dated 24.09.2022 was issued for Rs. 3,15,81,589. The Corporate Debtor failed to supply the remaining coal, leading to an outstanding amount of Rs. 69,18,411. An oral agreement was reached where the Corporate Debtor agreed to pay Rs. 1,00,00,000, issuing two cheques dated 07.02.2023 for Rs. 40,00,000 and Rs. 60,00,000, respectively.
…Growthtree Ventures…
The Petitioner started…