The operational creditor, Mr. Mukeshkumar Shah Proprietor of M/s Radhey Traders, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against the corporate debtor, Synergy Food and Agro Processors Private Limited, to initiate the Corporate Insolvency Process. The application was based on a default of Rs. 1,03,01,385/- along with interest of Rs. 3,46,076/- at a rate of 24%.
Mr. Mukeshkumar Shah, Proprietor of M/s Radhey Traders, filed an application under Section 9 of the IBC against Synergy Food and Agro Processors Private Limited.
The application was for a default of Rs. 1,03,01,385/- along with interest of Rs. 3,46,076/- at 24%.
The applicant supplied wheat to the corporate debtor on a regular basis.
The corporate debtor made partial payments but failed to pay outstanding dues for invoices raised from 30.07.2024 to 10.08.2024.
The applicant sent a Form 3 Demand Notice dated 26.09.2024 for Rs. 1,06,47,461/- including interests.
The corporate debtor replied to the notice, admitting the debt and seeking time to repay due to financial difficulties.
The invoices placed on record contain a stipulation regarding levy of interest in case of default.
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First invoic…
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The operational creditor, Mr. Mukeshkumar Shah Proprietor of M/s Radhey Traders, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against the corporate debtor, Synergy Food and Agro Processors Private Limited, to initiate the Corporate Insolvency Process. The application was based on a default of Rs. 1,03,01,385/- along with interest of Rs. 3,46,076/- at a rate of 24%.
Mr. Mukeshkumar Shah, Proprietor of M/s Radhey Traders, filed an application under Section 9 of the IBC against Synergy Food and Agro Processors Private Limited.
The application was for a default of Rs. 1,03,01,385/- along with interest of Rs. 3,46,076/- at 24%.
The applicant supplied wheat to the corporate debtor on a regular basis.
The corporate debtor made partial payments but failed to pay outstanding dues for invoices raised from 30.07.2024 to 10.08.2024.
The applicant sent a Form 3 Demand Notice dated 26.09.2024 for Rs. 1,06,47,461/- including interests.
The corporate debtor replied to the notice, admitting the debt and seeking time to repay due to financial difficulties.
The invoices placed on record contain a stipulation regarding levy of interest in case of default.
…First invoic…
Applicant sent Form 3…
Sign in to view related legal provisions.