Navalmar (UK) Limited, an operational creditor, filed a company petition under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Navalmar Shipping (India) Private Limited, the corporate debtor, due to a default of USD 17,35,645.46. The operational creditor claimed that the corporate debtor, acting as its representative in India from 2002 to 2018, failed to remit payments aggregating to USD 13,40,572.89 for freight charges and failed to make payments for motorboat purchases and repairs amounting to USD 1,41,072.57. Additionally, advances of USD 2,54,000.00 were made for services that were neither provided nor refunded. The corporate debtor contended that there was a pre-existing dispute regarding the amount of debt,
…Navalmar (UK) Limited, the operational creditor, filed a petition against Navalmar Shipping (India) Private Limited, the corporate debtor, under Section 9 of the IBC, 2016, claiming a default of USD 17,35,645.46. The operational creditor alleged that the corporate debtor, acting as its representative in India, failed to remit payments for freight charges (USD 13,40,572.89), motorboat purchases and repairs (USD 1,41,072.57), and advances for services (USD 2,54,000.00). The corporate debtor contested the claim, asserting a pre-existing dispute, inflated claims, and the absence of insolvency. The corporate debtor argued that the operational creditor's claim was false and frivolous, and the condition of insolvency did not exist. The corporate debtor also contended that the
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Navalmar (UK) Limited, an operational creditor, filed a company petition under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Navalmar Shipping (India) Private Limited, the corporate debtor, due to a default of USD 17,35,645.46. The operational creditor claimed that the corporate debtor, acting as its representative in India from 2002 to 2018, failed to remit payments aggregating to USD 13,40,572.89 for freight charges and failed to make payments for motorboat purchases and repairs amounting to USD 1,41,072.57. Additionally, advances of USD 2,54,000.00 were made for services that were neither provided nor refunded. The corporate debtor contended that there was a pre-existing dispute regarding the amount of debt,
…Navalmar (UK) Limited, the operational creditor, filed a petition against Navalmar Shipping (India) Private Limited, the corporate debtor, under Section 9 of the IBC, 2016, claiming a default of USD 17,35,645.46. The operational creditor alleged that the corporate debtor, acting as its representative in India, failed to remit payments for freight charges (USD 13,40,572.89), motorboat purchases and repairs (USD 1,41,072.57), and advances for services (USD 2,54,000.00). The corporate debtor contested the claim, asserting a pre-existing dispute, inflated claims, and the absence of insolvency. The corporate debtor argued that the operational creditor's claim was false and frivolous, and the condition of insolvency did not exist. The corporate debtor also contended that the
…Board Resolution passed by the Operational…
Power of Attorn…