FedEx Trade Networks Transport and Brokerage Pvt. Ltd. filed CP(IB)No.116/BB/2019 under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process against Southern Batteries, alleging a default of Rs. 10,02,653.20/-. FedEx, an operational creditor, claimed that Southern Batteries, the corporate debtor, failed to pay outstanding dues for international logistics support services. The case was listed for admission on multiple dates, but the issue was eventually settled amicably.
FedEx Trade Networks Transport and Brokerage Pvt. Ltd. (FedEx) filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Southern Batteries, seeking to initiate Corporate Insolvency Resolution Process (CIRP). FedEx claimed that Southern Batteries defaulted on payments amounting to Rs. 10,02,653.20/- for international logistics support services. Southern Batteries had requested FedEx to provide these services, and invoices were raised accordingly. The Corporate Debtor made some account payments for the goods supplied. However, a balance of Rs.9,37,177.95/- remained outstanding. The case was listed for admission on several dates. Eventually, both parties filed a Joint Memo stating that they had settled the issue amicably. Southern
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The case was li…
The case was li…
FedEx Trade Networks Transport and Brokerage Pvt. Ltd. filed CP(IB)No.116/BB/2019 under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process against Southern Batteries, alleging a default of Rs. 10,02,653.20/-. FedEx, an operational creditor, claimed that Southern Batteries, the corporate debtor, failed to pay outstanding dues for international logistics support services. The case was listed for admission on multiple dates, but the issue was eventually settled amicably.
FedEx Trade Networks Transport and Brokerage Pvt. Ltd. (FedEx) filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Southern Batteries, seeking to initiate Corporate Insolvency Resolution Process (CIRP). FedEx claimed that Southern Batteries defaulted on payments amounting to Rs. 10,02,653.20/- for international logistics support services. Southern Batteries had requested FedEx to provide these services, and invoices were raised accordingly. The Corporate Debtor made some account payments for the goods supplied. However, a balance of Rs.9,37,177.95/- remained outstanding. The case was listed for admission on several dates. Eventually, both parties filed a Joint Memo stating that they had settled the issue amicably. Southern
…The case was li…
The case was li…