Platina Bulkers Pte Limited, an operational creditor, filed a petition against Star Mineral Resources Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The claim pertains to an operational debt of USD 92468.80 arising from a Charter Party agreement dated 21.1.2017 for the chartering of the vessel 'MV FATIMA JAHAN' for transporting iron ore from Visakhapatnam, India, to Taicang, China. The demurrage, if any, was agreed to be payable at USD 5500 per day. An addendum to the Charter Party was made on 24.4.2017, agreeing to settle the demurrage in five equal installments. However, the corporate debtor defaulted on the first installment. An extension of the payment schedule was agreed upon via Addendum No. 2 dated
…Platina Bulkers Pte Limited (Operational Creditor) claimed an operational debt of USD 92468.80 from Star Mineral Resources Private Limited (Corporate Debtor) under a Charter Party agreement dated 21.1.2017. The debt arose from demurrage charges for the vessel 'MV FATIMA JAHAN' transporting iron ore from Visakhapatnam to Taicang. The agreed demurrage rate was USD 5500 per day. An addendum on 24.4.2017 stipulated payment in five installments, but the Corporate Debtor defaulted. A second addendum on 5.6.2017 revised the payment schedule. Postdated cheques were issued as security but were dishonored. A demand notice under Section 8 of IBC, 2016 was issued on 6.9.2017 and served on 9.9.2017, but no payment was made. The Corporate Debtor failed to appear before the Tribunal
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Charter Party agreement between Platina…
42150 WMT of iron ore…
Platina Bulkers Pte Limited, an operational creditor, filed a petition against Star Mineral Resources Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The claim pertains to an operational debt of USD 92468.80 arising from a Charter Party agreement dated 21.1.2017 for the chartering of the vessel 'MV FATIMA JAHAN' for transporting iron ore from Visakhapatnam, India, to Taicang, China. The demurrage, if any, was agreed to be payable at USD 5500 per day. An addendum to the Charter Party was made on 24.4.2017, agreeing to settle the demurrage in five equal installments. However, the corporate debtor defaulted on the first installment. An extension of the payment schedule was agreed upon via Addendum No. 2 dated
…Platina Bulkers Pte Limited (Operational Creditor) claimed an operational debt of USD 92468.80 from Star Mineral Resources Private Limited (Corporate Debtor) under a Charter Party agreement dated 21.1.2017. The debt arose from demurrage charges for the vessel 'MV FATIMA JAHAN' transporting iron ore from Visakhapatnam to Taicang. The agreed demurrage rate was USD 5500 per day. An addendum on 24.4.2017 stipulated payment in five installments, but the Corporate Debtor defaulted. A second addendum on 5.6.2017 revised the payment schedule. Postdated cheques were issued as security but were dishonored. A demand notice under Section 8 of IBC, 2016 was issued on 6.9.2017 and served on 9.9.2017, but no payment was made. The Corporate Debtor failed to appear before the Tribunal
…Charter Party agreement between Platina…
42150 WMT of iron ore…