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TMI Blog2020 (12) TMI 807X X X X Extracts X X X X X X X X Extracts X X X X ..... reditor : Shri Vinod PV, Advocate For the Corporate Debtor : Mr. Gokul RI, Company Secretary ORDER IBA/29/KOB/2020 has been filed under Section 9 of IBC by the Operational Creditor, Sulpa International against the Corporate Debtor M/s Savute Textiles Private Limited for initiating Corporate Insolvency Resolution Process. During the course of supply of linen blended fabrics to the Corporate Debtor against various purchase orders, 19 invoices were issued during the period March, 2018 to June 2018 for a total amount of ₹ 1,55,27,465/- However the Corporate Debtor has paid only an amount of ₹ 32,71,879/-. As on 9th December, 2018 an amount of ₹ 1,46,33,008/- which is inclusive of ₹ 23,77,442/- being the int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the course of the day. Hence the matter is adjourned to 3.12.2020. 3. The operational creditor filed a withdrawal memo dated 1.12.2020 enclosing a memorandum of understanding which reads as under:- THIS MEMORANDUM OF UNDERSTANDING (MOU) is made at Kochi on this 28 day of November 2020 between M/s. Savute Textiles Private Limited, a Company incorporated under the Companies Act, 1956 having its Registered Office at Vaninilayam, PRA: 68 Friends Nagar. Palachuvadu. Kakkanad, Kerala - 682038 (Hereinafter referred to as Corporate Debtor which term or expression shall unless excluded by or repugnant to the subject or context hereof shall mean and include its heirs, successors and assigns of the ONE PART) and Sulpa International. through ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : Instalment No. Date of Payment Principal Payment amount 1 31 December, 2020 20,00,000 2 31 January 2021 5,00,000 3 28 February 2021 5,00,000 4 31 March 2021 5,00,000 5 30 April 2021 6,00,000 6 31 May 2021 6,00,000 7 30 June 2021 7,00,000 8 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , for the 3rd block of balance period of three months commencing from November 2021 to February 2022 on or before the completion of the repayment of the 2 block. 7. The said Personal Guarantee of Mr. Stephen Logan shall be deemed to be extended till the period of last date of repayment. 8. In the event of failure of the Corporate Debtor to make the aforestated payments within the timeframe specified, the Operational Creditor reserves its right to initiate fresh proceedings under the Insolvency and Bankruptcy Code, 2016 against the Corporate Debtor and to exercise all other legal remedies available with the Operational Creditor in order to recover the outstanding comprising of both principal and interest from the Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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