This case involves a petition filed by Agrocorp International Private (PTE) Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate Corporate Insolvency Resolution Process (CIRP) against National Steel and Agro Industries Limited, the Corporate Debtor. The Operational Creditor claimed default in payment of $930,000.00 as principal and $38,971.84 as interest, arising from a sales contract for supplying 30,000 MT of whole yellow peas. The dispute was referred to arbitration, resulting in an arbitral award in favor of the Operational Creditor.
Agrocorp International Private (PTE) Limited (Operational Creditor) and National Steel and Agro Industries Limited (Corporate Debtor) entered into a sales contract on 2017-10-11 for the supply of 30,000 MT of whole yellow peas at $281.00 per MT. The Corporate Debtor failed to claim the cargo, leading the Operational Creditor to resell it at $250 CNF per MT and issue a debit note for $930,000.00. The Operational Creditor initiated arbitration proceedings, resulting in an arbitral award in their favor for $930,000.00 plus costs and interest. The Operational Creditor issued a demand notice under Section 8 of the IBC, but received no reply. The Corporate Debtor argued that the foreign arbitral award was not enforceable in India and that there was a pre-existing dispute.
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Operational Creditor and Corporate Debtor…
Operational Creditor…
This case involves a petition filed by Agrocorp International Private (PTE) Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate Corporate Insolvency Resolution Process (CIRP) against National Steel and Agro Industries Limited, the Corporate Debtor. The Operational Creditor claimed default in payment of $930,000.00 as principal and $38,971.84 as interest, arising from a sales contract for supplying 30,000 MT of whole yellow peas. The dispute was referred to arbitration, resulting in an arbitral award in favor of the Operational Creditor.
Agrocorp International Private (PTE) Limited (Operational Creditor) and National Steel and Agro Industries Limited (Corporate Debtor) entered into a sales contract on 2017-10-11 for the supply of 30,000 MT of whole yellow peas at $281.00 per MT. The Corporate Debtor failed to claim the cargo, leading the Operational Creditor to resell it at $250 CNF per MT and issue a debit note for $930,000.00. The Operational Creditor initiated arbitration proceedings, resulting in an arbitral award in their favor for $930,000.00 plus costs and interest. The Operational Creditor issued a demand notice under Section 8 of the IBC, but received no reply. The Corporate Debtor argued that the foreign arbitral award was not enforceable in India and that there was a pre-existing dispute.
…Operational Creditor and Corporate Debtor…
Operational Creditor…