Macquarie Bank Limited, as assignee of S.V. Oversees Private Limited, filed an application under Sections 8 and 9 of the Insolvency and Bankruptcy Code, 2016, against Shilpi Cable Technologies Limited, the Corporate Debtor, for defaulting on an operational debt of US Dollar 3,010,150.00. The debt originated from the supply of copper rods by S.V. Oversees Private Limited to Shilpi Cable Technologies Limited under a contract dated 18.01.2016. The Corporate Debtor made part payments, but a significant amount remained outstanding. Macquarie Bank, as the assignee, issued a demand notice on 08.03.2017, which the Corporate Debtor replied to on 20.03.2017, acknowledging the debt but requesting more time. The Corporate Debtor initiated arbitration proceedings against the
…Macquarie Bank Limited, the 'Applicant', is the assignee of S.V. Oversees Private Limited, the 'Supplier'. The Supplier and Shilpi Cable Technologies Limited, the 'Corporate Debtor', entered into a contract on 18.01.2016 for the supply of copper rods. The Corporate Debtor agreed to purchase the invoiced quantity of copper rods from time to time against the purchase orders placed. The payment was to be made on demand by the Corporate Debtor upon presentation of a commercial invoice by the Operational Creditor. If the payment was not made within a period of 180 days then it was to become due with interest calculated at 1% per month. Goods were supplied by the supplier, which was duly received by the Corporate Debtor vide commercial invoice bearing Invoice No.
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Macquarie Bank Limited, as assignee of S.V. Oversees Private Limited, filed an application under Sections 8 and 9 of the Insolvency and Bankruptcy Code, 2016, against Shilpi Cable Technologies Limited, the Corporate Debtor, for defaulting on an operational debt of US Dollar 3,010,150.00. The debt originated from the supply of copper rods by S.V. Oversees Private Limited to Shilpi Cable Technologies Limited under a contract dated 18.01.2016. The Corporate Debtor made part payments, but a significant amount remained outstanding. Macquarie Bank, as the assignee, issued a demand notice on 08.03.2017, which the Corporate Debtor replied to on 20.03.2017, acknowledging the debt but requesting more time. The Corporate Debtor initiated arbitration proceedings against the
…Macquarie Bank Limited, the 'Applicant', is the assignee of S.V. Oversees Private Limited, the 'Supplier'. The Supplier and Shilpi Cable Technologies Limited, the 'Corporate Debtor', entered into a contract on 18.01.2016 for the supply of copper rods. The Corporate Debtor agreed to purchase the invoiced quantity of copper rods from time to time against the purchase orders placed. The payment was to be made on demand by the Corporate Debtor upon presentation of a commercial invoice by the Operational Creditor. If the payment was not made within a period of 180 days then it was to become due with interest calculated at 1% per month. Goods were supplied by the supplier, which was duly received by the Corporate Debtor vide commercial invoice bearing Invoice No.
…Parties entered into a…
Commercial invoice…