Admiral Logistics Zambia Ltd. filed a company petition against Glint Cosmetics Pvt. Ltd. seeking to initiate Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The claim was for an operational debt of US$ 63,077.60 (Rs. 45,22,493.61). The debt arose from a transaction where Glint Cosmetics requested Admiral Logistics to ship goods back to India from Lusaka, Zambia. After negotiations, the shipment cost was agreed at US$ 55,000. Glint Cosmetics paid US$ 10,000 and promised to pay the balance. Admiral Logistics claims that Glint Cosmetics defaulted on the remaining payment, leading to the petition.
Admiral Logistics Zambia Ltd. (Operational Creditor) filed a petition against Glint Cosmetics Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP for an operational debt of US$ 63,077.60 (Rs. 45,22,493.61). The Corporate Debtor requested the Operational Creditor to ship goods back to India from Lusaka, Zambia. The parties agreed on a shipment cost of US$ 55,000, but the Corporate Debtor only paid US$ 10,000. The Operational Creditor claimed the Corporate Debtor defaulted on the remaining payment. The Corporate Debtor argued that the claim was inflated, there were disputes regarding the quality and acceptance of goods, and the Operational Creditor withheld goods due to prior disputes with the Corporate
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Admiral Logistics Zambia Ltd. filed a company petition against Glint Cosmetics Pvt. Ltd. seeking to initiate Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The claim was for an operational debt of US$ 63,077.60 (Rs. 45,22,493.61). The debt arose from a transaction where Glint Cosmetics requested Admiral Logistics to ship goods back to India from Lusaka, Zambia. After negotiations, the shipment cost was agreed at US$ 55,000. Glint Cosmetics paid US$ 10,000 and promised to pay the balance. Admiral Logistics claims that Glint Cosmetics defaulted on the remaining payment, leading to the petition.
Admiral Logistics Zambia Ltd. (Operational Creditor) filed a petition against Glint Cosmetics Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP for an operational debt of US$ 63,077.60 (Rs. 45,22,493.61). The Corporate Debtor requested the Operational Creditor to ship goods back to India from Lusaka, Zambia. The parties agreed on a shipment cost of US$ 55,000, but the Corporate Debtor only paid US$ 10,000. The Operational Creditor claimed the Corporate Debtor defaulted on the remaining payment. The Corporate Debtor argued that the claim was inflated, there were disputes regarding the quality and acceptance of goods, and the Operational Creditor withheld goods due to prior disputes with the Corporate
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Parties agreed to…
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