M/s Vedanta Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, alleging that M/s Sequal Alloys and Wires Private Limited, the Corporate Debtor, failed to pay outstanding dues for the supply of LME 'A' Grade Copper Cathodes and Cast Copper Wire Rods. The Corporate Debtor had placed an order for the supply of these products after accepting the general terms and conditions. The goods were sent against 3 Letters of Credit (LCs) drawn on Indian Overseas Bank, to be negotiated within 120 days. The Operational Creditor supplied the material, but the LCs could not be encashed due to technicalities, and they lapsed. The Operational Creditor requested the Corporate Debtor to pay the outstanding amount of Rs. 32,67,395/-, but no further steps
…M/s Vedanta Limited (Operational Creditor) supplied LME 'A' Grade Copper Cathodes and Cast Copper Wire Rods to M/s Sequal Alloys and Wires Private Limited (Corporate Debtor) based on purchase orders. The Corporate Debtor accepted the general terms and conditions for the supply. The goods were sent against 3 Letters of Credit (LCs) drawn on Indian Overseas Bank, with a negotiation period of 120 days. The Operational Creditor presented the LCs for negotiation, initially through State Bank of India, Delhi Branch, after an amendment to allow negotiation through any bank (previously restricted to HDFC Bank). The State Bank of India did not discount the LCs, and they lapsed due to technicalities. The outstanding amount was Rs. 32,67,395/-, including interest as per the
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Purchase order for 2.5…
Order was deli…
M/s Vedanta Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, alleging that M/s Sequal Alloys and Wires Private Limited, the Corporate Debtor, failed to pay outstanding dues for the supply of LME 'A' Grade Copper Cathodes and Cast Copper Wire Rods. The Corporate Debtor had placed an order for the supply of these products after accepting the general terms and conditions. The goods were sent against 3 Letters of Credit (LCs) drawn on Indian Overseas Bank, to be negotiated within 120 days. The Operational Creditor supplied the material, but the LCs could not be encashed due to technicalities, and they lapsed. The Operational Creditor requested the Corporate Debtor to pay the outstanding amount of Rs. 32,67,395/-, but no further steps
…M/s Vedanta Limited (Operational Creditor) supplied LME 'A' Grade Copper Cathodes and Cast Copper Wire Rods to M/s Sequal Alloys and Wires Private Limited (Corporate Debtor) based on purchase orders. The Corporate Debtor accepted the general terms and conditions for the supply. The goods were sent against 3 Letters of Credit (LCs) drawn on Indian Overseas Bank, with a negotiation period of 120 days. The Operational Creditor presented the LCs for negotiation, initially through State Bank of India, Delhi Branch, after an amendment to allow negotiation through any bank (previously restricted to HDFC Bank). The State Bank of India did not discount the LCs, and they lapsed due to technicalities. The outstanding amount was Rs. 32,67,395/-, including interest as per the
…Purchase order for 2.5…
Order was deli…