The case pertains to an application filed by M/s. Seapol Port Private Limited (SPPL) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Lloyds Shipping Private Limited (LSPL). SPPL, as an operational creditor, claims that LSPL defaulted in making payment of Rs. 1,17,75,833/-, which includes interest, for services rendered related to the utilization of Harbour Mobile Crane (HMC) for loading and discharging cargo at Visakhapatnam Port.
M/s. Seapol Port Private Limited (SPPL) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Lloyds Shipping Private Limited (LSPL). SPPL claimed that LSPL defaulted on payments totaling Rs. 1,17,75,833/-, including interest, for services related to the use of SPPL's Harbour Mobile Crane (HMC) at Visakhapatnam Port. LSPL engaged SPPL to utilize the HMC for loading and discharging cargo from vessels. SPPL is in the business of deploying HMC at major ports, including Visakhapatnam. The process involved LSPL requesting the Traffic Manager of the Port to permit the use of SPPL's HMC. The payments were to be made in advance, but SPPL extended a 15-day credit period. The
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The case pertains to an application filed by M/s. Seapol Port Private Limited (SPPL) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Lloyds Shipping Private Limited (LSPL). SPPL, as an operational creditor, claims that LSPL defaulted in making payment of Rs. 1,17,75,833/-, which includes interest, for services rendered related to the utilization of Harbour Mobile Crane (HMC) for loading and discharging cargo at Visakhapatnam Port.
M/s. Seapol Port Private Limited (SPPL) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Lloyds Shipping Private Limited (LSPL). SPPL claimed that LSPL defaulted on payments totaling Rs. 1,17,75,833/-, including interest, for services related to the use of SPPL's Harbour Mobile Crane (HMC) at Visakhapatnam Port. LSPL engaged SPPL to utilize the HMC for loading and discharging cargo from vessels. SPPL is in the business of deploying HMC at major ports, including Visakhapatnam. The process involved LSPL requesting the Traffic Manager of the Port to permit the use of SPPL's HMC. The payments were to be made in advance, but SPPL extended a 15-day credit period. The
…The first due date for payment of services…
The Operational…