The case originates from a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Benteler Trading International GmbH (Operational Creditor) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against ARK Industries Private Limited (Corporate Debtor). The Operational Creditor claims a sum of USD 1,249,134.61 as on 13.12.2016. The Petitioner and the Corporate Debtor executed supply agreements for the sale of brass scrap honey, copper scrap berry, copper scrap berry candy, and clove berry/candy. The payment terms provided a credit period of 180 days from the bill of lading. The parties further executed a debt acknowledgement and settlement agreement dated 13.03.2017, wherein the Corporate Debtor acknowledged a debt of
…Benteler Trading International GmbH (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against ARK Industries Private Limited (Corporate Debtor) for a debt of USD 1,249,134.61 as of 13.12.2016. The parties had entered into multiple supply agreements for brass scrap honey, copper scrap berry, and other similar items. The payment terms included a credit period of 180 days from the bill of lading. A debt acknowledgement and settlement agreement was executed on 13.03.2017, where the Corporate Debtor acknowledged a debt of USD 2,157,764.35. The Corporate Debtor later raised disputes regarding the quality of goods, non-receipt of invoices, and the absence of an
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The case originates from a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Benteler Trading International GmbH (Operational Creditor) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against ARK Industries Private Limited (Corporate Debtor). The Operational Creditor claims a sum of USD 1,249,134.61 as on 13.12.2016. The Petitioner and the Corporate Debtor executed supply agreements for the sale of brass scrap honey, copper scrap berry, copper scrap berry candy, and clove berry/candy. The payment terms provided a credit period of 180 days from the bill of lading. The parties further executed a debt acknowledgement and settlement agreement dated 13.03.2017, wherein the Corporate Debtor acknowledged a debt of
…Benteler Trading International GmbH (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against ARK Industries Private Limited (Corporate Debtor) for a debt of USD 1,249,134.61 as of 13.12.2016. The parties had entered into multiple supply agreements for brass scrap honey, copper scrap berry, and other similar items. The payment terms included a credit period of 180 days from the bill of lading. A debt acknowledgement and settlement agreement was executed on 13.03.2017, where the Corporate Debtor acknowledged a debt of USD 2,157,764.35. The Corporate Debtor later raised disputes regarding the quality of goods, non-receipt of invoices, and the absence of an
…Operational Creditor…
Parties execute…