The case involves a petition filed by Kohinoor India (P) LTD, an operational creditor, against Container Corporation of India Limited, the corporate debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016. Kohinoor India participated in an online bid for the auction of rubber process oil by the corporate debtor through Matex Net Pvt Ltd. Container Corporation confirmed the bid and requested a 30% payment, which Kohinoor India remitted. Subsequently, the corporate debtor requested the remaining 70%, which was also paid. However, Container Corporation failed to deliver the goods due to a lack of environmental/regulatory clearances. While the corporate debtor admitted liability and refunded a portion of the price consideration, it did not refund the custom
…Kohinoor India (P) LTD participated in an online auction for rubber process oil conducted by Container Corporation of India Limited through Matex Net Pvt Ltd on 29.03.2012. Container Corporation confirmed the bid on 05.04.2012 and requested 30% payment, which Kohinoor India remitted. On 17.05.2012, Container Corporation demanded the balance 70%, which Kohinoor India paid on 23.05.2012. Container Corporation failed to deliver the goods due to a lack of environmental/regulatory clearances. Container Corporation admitted liability and agreed to refund the amount, refunding a portion on 08.08.2012, 31.07.2014, and 01.12.2015. However, Container Corporation did not refund the custom component of Rs. 3,59,163, advising Kohinoor India to claim it from custom authorities. The
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Kohinoor India participated in an online bid for…
Container Corporation…
The case involves a petition filed by Kohinoor India (P) LTD, an operational creditor, against Container Corporation of India Limited, the corporate debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016. Kohinoor India participated in an online bid for the auction of rubber process oil by the corporate debtor through Matex Net Pvt Ltd. Container Corporation confirmed the bid and requested a 30% payment, which Kohinoor India remitted. Subsequently, the corporate debtor requested the remaining 70%, which was also paid. However, Container Corporation failed to deliver the goods due to a lack of environmental/regulatory clearances. While the corporate debtor admitted liability and refunded a portion of the price consideration, it did not refund the custom
…Kohinoor India (P) LTD participated in an online auction for rubber process oil conducted by Container Corporation of India Limited through Matex Net Pvt Ltd on 29.03.2012. Container Corporation confirmed the bid on 05.04.2012 and requested 30% payment, which Kohinoor India remitted. On 17.05.2012, Container Corporation demanded the balance 70%, which Kohinoor India paid on 23.05.2012. Container Corporation failed to deliver the goods due to a lack of environmental/regulatory clearances. Container Corporation admitted liability and agreed to refund the amount, refunding a portion on 08.08.2012, 31.07.2014, and 01.12.2015. However, Container Corporation did not refund the custom component of Rs. 3,59,163, advising Kohinoor India to claim it from custom authorities. The
…Kohinoor India participated in an online bid for…
Container Corporation…