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 claimed 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
…Benteler Trading International GmbH (Operational Creditor) filed a petition under Section 9 of the IBC against ARK Industries Private Limited (Corporate Debtor) seeking to initiate CIRP for a debt of USD 1,249,134.61 as of 13.12.2016. The parties had entered into supply agreements for brass scrap honey, copper scrap berry, copper scrap berry candy, and clove berry/candy, with a credit period of 180 days. 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 claimed that interest could not be claimed, invoices were not received, stamp duty was not paid, there was an arbitration clause, and there was a prior dispute regarding the quality of goods. The
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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 claimed 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
…Benteler Trading International GmbH (Operational Creditor) filed a petition under Section 9 of the IBC against ARK Industries Private Limited (Corporate Debtor) seeking to initiate CIRP for a debt of USD 1,249,134.61 as of 13.12.2016. The parties had entered into supply agreements for brass scrap honey, copper scrap berry, copper scrap berry candy, and clove berry/candy, with a credit period of 180 days. 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 claimed that interest could not be claimed, invoices were not received, stamp duty was not paid, there was an arbitration clause, and there was a prior dispute regarding the quality of goods. The
…Date of defa…
Parties execute…