This case involves a Company Petition filed by Transmec India Private Limited (Petitioner) against Saflow Products Private Limited (Corporate Debtor) under Section 8 & 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Petitioner alleges that the Corporate Debtor defaulted in making a payment of ₹8,83,780/- along with an interest at 24% per annum. The dispute arises from a transaction where the Petitioner was engaged as a freight forwarder to transport cargo for the Corporate Debtor from Italy to Mumbai. The Corporate Debtor claims that there was a delay in the delivery of goods, causing them losses and leading to a dispute over the payment.
Transmec India Private Limited (Petitioner) filed a petition against Saflow Products Private Limited (Corporate Debtor) for defaulting on a payment of ₹8,83,780/- plus interest. The Petitioner was engaged as a freight forwarder to transport six boxes of cargo from Milan to Mumbai for the Corporate Debtor. A Memorandum of Understanding (MOU) was signed on September 8, 2017, outlining the terms, including a standard timeline for delivery. The Corporate Debtor was required to pay 50% of the costs in advance and the balance within 15 days of cargo arrival. The cargo was ready for collection on September 19, 2017, but dispatch was booked for September 26, 2017. The cargo arrived in Mumbai in two tranches, on October 10 and 11, 2017. The Corporate Debtor claims the delivery
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Memorandum of Understanding (MOU) signed…
Cargo was rea…
This case involves a Company Petition filed by Transmec India Private Limited (Petitioner) against Saflow Products Private Limited (Corporate Debtor) under Section 8 & 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Petitioner alleges that the Corporate Debtor defaulted in making a payment of ₹8,83,780/- along with an interest at 24% per annum. The dispute arises from a transaction where the Petitioner was engaged as a freight forwarder to transport cargo for the Corporate Debtor from Italy to Mumbai. The Corporate Debtor claims that there was a delay in the delivery of goods, causing them losses and leading to a dispute over the payment.
Transmec India Private Limited (Petitioner) filed a petition against Saflow Products Private Limited (Corporate Debtor) for defaulting on a payment of ₹8,83,780/- plus interest. The Petitioner was engaged as a freight forwarder to transport six boxes of cargo from Milan to Mumbai for the Corporate Debtor. A Memorandum of Understanding (MOU) was signed on September 8, 2017, outlining the terms, including a standard timeline for delivery. The Corporate Debtor was required to pay 50% of the costs in advance and the balance within 15 days of cargo arrival. The cargo was ready for collection on September 19, 2017, but dispatch was booked for September 26, 2017. The cargo arrived in Mumbai in two tranches, on October 10 and 11, 2017. The Corporate Debtor claims the delivery
…Memorandum of Understanding (MOU) signed…
Cargo was rea…