Kushal Polysacks Pvt Ltd., the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shree Ram Electrocast (Jharkhand) Pvt. Ltd., the Corporate Debtor (CD), due to unpaid operational debt.
Kushal Polysacks Pvt Ltd. is the Operational Creditor (OC) and a Del Credere Agent (DCA) of Indian Oil Corporation Limited (IOCL).
Shree Ram Electrocast (Jharkhand) Pvt. Ltd. is the Corporate Debtor (CD) and purchased goods/polymer granules from IOCL, tagging the OC as their DCA.
As per the DCA agreement, the CD was required to raise indent through their DCA (OC) with IOCL.
IOCL raised invoices upon the CD with a copy marked to the OC.
The OC is required to pay the invoice within 48 hours, otherwise 36% interest will be charged upon the DCA or existing bank guarantee of DCA will be invoked.
The CD has been purchasing goods/polymer granules since the Financial Year 2021-22 to 2022-23, and the OC has continuously paid the value of the goods.
…Sign in to view the parties.
Formal agreement between IOCL and Kushal…
Shree Ram Electrocast…
Kushal Polysacks Pvt Ltd., the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shree Ram Electrocast (Jharkhand) Pvt. Ltd., the Corporate Debtor (CD), due to unpaid operational debt.
Kushal Polysacks Pvt Ltd. is the Operational Creditor (OC) and a Del Credere Agent (DCA) of Indian Oil Corporation Limited (IOCL).
Shree Ram Electrocast (Jharkhand) Pvt. Ltd. is the Corporate Debtor (CD) and purchased goods/polymer granules from IOCL, tagging the OC as their DCA.
As per the DCA agreement, the CD was required to raise indent through their DCA (OC) with IOCL.
IOCL raised invoices upon the CD with a copy marked to the OC.
The OC is required to pay the invoice within 48 hours, otherwise 36% interest will be charged upon the DCA or existing bank guarantee of DCA will be invoked.
The CD has been purchasing goods/polymer granules since the Financial Year 2021-22 to 2022-23, and the OC has continuously paid the value of the goods.
…Formal agreement between IOCL and Kushal…
Shree Ram Electrocast…