The case involves a Company Application filed by Korea Trade Insurance Corporation (K-SURE), an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Maave Electronics Private Limited, the Corporate Debtor. The operational debt arose from unpaid dues for goods supplied by Media Information Communication Company (Media) to Maave Electronics. K-SURE, as Media's insurance company, paid Media and received an assignment of rights to recover the debt from Maave Electronics.
Media Information Communication Company agreed to supply goods to Maave Electronics for USD 119,500. Maave Electronics issued purchase order No. Maave/PUR/085/DT dated 17.11.2017 to Media for USD 59,000, later amended to USD 119,500. The mode of dispatch was changed from 'by air' to 'by sea', and the price CIF was changed from 'Hyderabad Airport' to 'Chennai Sea Port'. Media issued a commercial invoice dated 05.04.2018, directing Maave Electronics to pay within 90 days of the bill of lading dated 07.04.2018. Maave Electronics acknowledged the debt of USD 119,500 in a letter dated 28.08.2018. Korea Trade Insurance Corporation (K-SURE), Media's insurance company, sought reasons for the payment delay via email dated 19.09.2018. Media assigned its rights to recover the
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Maave Electronics…
Contract executed between Media and Corporate…
The case involves a Company Application filed by Korea Trade Insurance Corporation (K-SURE), an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Maave Electronics Private Limited, the Corporate Debtor. The operational debt arose from unpaid dues for goods supplied by Media Information Communication Company (Media) to Maave Electronics. K-SURE, as Media's insurance company, paid Media and received an assignment of rights to recover the debt from Maave Electronics.
Media Information Communication Company agreed to supply goods to Maave Electronics for USD 119,500. Maave Electronics issued purchase order No. Maave/PUR/085/DT dated 17.11.2017 to Media for USD 59,000, later amended to USD 119,500. The mode of dispatch was changed from 'by air' to 'by sea', and the price CIF was changed from 'Hyderabad Airport' to 'Chennai Sea Port'. Media issued a commercial invoice dated 05.04.2018, directing Maave Electronics to pay within 90 days of the bill of lading dated 07.04.2018. Maave Electronics acknowledged the debt of USD 119,500 in a letter dated 28.08.2018. Korea Trade Insurance Corporation (K-SURE), Media's insurance company, sought reasons for the payment delay via email dated 19.09.2018. Media assigned its rights to recover the
…Maave Electronics…
Contract executed between Media and Corporate…