PEC Limited, claiming to be a financial creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Phulchand Exports Pvt. Ltd., the corporate debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). PEC Limited and Phulchand Exports Pvt. Ltd. were working together in the business of export of Iron ore since 2003-04. PEC provided interest bearing export financing to Phulchand Exports for procurement of iron ore to be exported to foreign buyers. Six contracts were entered into between PEC and Phulchand Exports for export financing. In October 2012, the Government of India imposed a ban on the export of Iron Ore based on the direction of the Hon'ble Supreme Court. The Corporate Debtor could not export the iron
…PEC Limited (PEC), claiming to be a financial creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Phulchand Exports Pvt. Ltd. (PEP), the corporate debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). PEC and PEP were working together in the business of export of Iron ore since 2003-04. PEC provided interest bearing export financing to PEP for procurement of iron ore to be exported to foreign buyers. Six contracts were entered into between PEC and PEP for export financing, with a total sum of Rs.63.57 crores advanced by PEC. In October 2012, the Government of India imposed a ban on the export of Iron Ore based on the direction of the Hon'ble Supreme Court. PEP could not export the iron ore against
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PEC Limited and Phulchand Exports Pvt. Ltd.…
PEC/NET/10/2…
PEC Limited, claiming to be a financial creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Phulchand Exports Pvt. Ltd., the corporate debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). PEC Limited and Phulchand Exports Pvt. Ltd. were working together in the business of export of Iron ore since 2003-04. PEC provided interest bearing export financing to Phulchand Exports for procurement of iron ore to be exported to foreign buyers. Six contracts were entered into between PEC and Phulchand Exports for export financing. In October 2012, the Government of India imposed a ban on the export of Iron Ore based on the direction of the Hon'ble Supreme Court. The Corporate Debtor could not export the iron
…PEC Limited (PEC), claiming to be a financial creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Phulchand Exports Pvt. Ltd. (PEP), the corporate debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). PEC and PEP were working together in the business of export of Iron ore since 2003-04. PEC provided interest bearing export financing to PEP for procurement of iron ore to be exported to foreign buyers. Six contracts were entered into between PEC and PEP for export financing, with a total sum of Rs.63.57 crores advanced by PEC. In October 2012, the Government of India imposed a ban on the export of Iron Ore based on the direction of the Hon'ble Supreme Court. PEP could not export the iron ore against
…PEC Limited and Phulchand Exports Pvt. Ltd.…
PEC/NET/10/2…