Saroj Bala, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against AKM Foods Private Limited, the corporate debtor, due to unpaid operational debt. The operational creditor is engaged in the business of trading rice/paddy, while the corporate debtor is involved in manufacturing grain mill products, starches, and animal feeds. The operational creditor supplied goods to the corporate debtor from 2017 to 2021, and the corporate debtor acknowledged a liability of Rs. 2,92,93,385/- in a letter dated June 15, 2020, but was unable to pay due to liquidity constraints.
Saroj Bala, a sole proprietor of M/s Vijay Enterprises, is an operational creditor engaged in trading rice/paddy. AKM Foods Private Limited is the corporate debtor, manufacturing grain mill products, starches, and animal feeds. Saroj Bala supplied goods to AKM Foods from December 21, 2017, to April 1, 2021. The corporate debtor acknowledged a liability of Rs. 2,92,93,385/- on June 15, 2020, but could not pay due to financial constraints. The total amount claimed to be in default is Rs. 2,05,68,435/- with 18% interest per annum. The date of default is April 1, 2021. A demand notice was issued on February 2, 2023, and duly served. The corporate debtor admitted the claim but requested time for payment. The petition was filed on June 26, 2023, and re-filed on July 20,
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Operational creditor…
Operational creditor…
Saroj Bala, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against AKM Foods Private Limited, the corporate debtor, due to unpaid operational debt. The operational creditor is engaged in the business of trading rice/paddy, while the corporate debtor is involved in manufacturing grain mill products, starches, and animal feeds. The operational creditor supplied goods to the corporate debtor from 2017 to 2021, and the corporate debtor acknowledged a liability of Rs. 2,92,93,385/- in a letter dated June 15, 2020, but was unable to pay due to liquidity constraints.
Saroj Bala, a sole proprietor of M/s Vijay Enterprises, is an operational creditor engaged in trading rice/paddy. AKM Foods Private Limited is the corporate debtor, manufacturing grain mill products, starches, and animal feeds. Saroj Bala supplied goods to AKM Foods from December 21, 2017, to April 1, 2021. The corporate debtor acknowledged a liability of Rs. 2,92,93,385/- on June 15, 2020, but could not pay due to financial constraints. The total amount claimed to be in default is Rs. 2,05,68,435/- with 18% interest per annum. The date of default is April 1, 2021. A demand notice was issued on February 2, 2023, and duly served. The corporate debtor admitted the claim but requested time for payment. The petition was filed on June 26, 2023, and re-filed on July 20,
…Operational creditor…
Operational creditor…