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 international freight forwarding service provider, claimed Southern Batteries, a manufacturer of lead-acid tubular batteries, had defaulted on payments for logistics support services. The case was listed for admission on multiple dates, but the parties eventually filed a Joint Memo stating that they had settled the issue.
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, alleging a default of Rs. 10,02,653.20/-. FedEx provided international freight forwarding services to Southern Batteries, a manufacturer of lead-acid tubular batteries. Southern Batteries requested logistics support from FedEx for delivering goods, and invoices were raised for these services. While Southern Batteries made some account payments, a balance of Rs. 9,37,177.95/- remained outstanding. Despite repeated requests, Southern Batteries failed to clear the dues. Subsequently, both parties filed a Joint Memo stating that they had amicably settled the matter. Southern Batteries proposed to pay
…Sign in to view the parties.
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 international freight forwarding service provider, claimed Southern Batteries, a manufacturer of lead-acid tubular batteries, had defaulted on payments for logistics support services. The case was listed for admission on multiple dates, but the parties eventually filed a Joint Memo stating that they had settled the issue.
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, alleging a default of Rs. 10,02,653.20/-. FedEx provided international freight forwarding services to Southern Batteries, a manufacturer of lead-acid tubular batteries. Southern Batteries requested logistics support from FedEx for delivering goods, and invoices were raised for these services. While Southern Batteries made some account payments, a balance of Rs. 9,37,177.95/- remained outstanding. Despite repeated requests, Southern Batteries failed to clear the dues. Subsequently, both parties filed a Joint Memo stating that they had amicably settled the matter. Southern Batteries proposed to pay
…The case was li…
The case was li…