Trafigura India Private Limited, the Operational Creditor, filed an application to initiate corporate insolvency resolution process against TDT Copper Limited, the Corporate Debtor, due to a default in payment of Rs. 59,72,40,162/- under a settlement agreement dated 20-11-2018. The Operational Creditor supplied copper cathodes to the Corporate Debtor under a Master Sale Agreement (MSA) dated 27-01-2016. Disputes arose regarding the amount due, with the Corporate Debtor claiming various issues such as non-supply of copper cathode, non-adjustment of payments, and GST-related matters. The Corporate Debtor also argued that the settlement agreement was one-sided and that the outstanding amount was within the maximum exposure limit under the MSA.
Trafigura India Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process against TDT Copper Limited (Corporate Debtor). The claim was based on a default in payment of Rs. 59,72,40,162/- under a settlement agreement dated 20-11-2018. The Operational Creditor and Corporate Debtor had entered into a Master Sale Agreement (MSA) dated 27-01-2016, for the supply of copper cathodes. The Corporate Debtor defaulted in making payments as per the MSA. A settlement agreement was entered into on 20-11-2018, where the Corporate Debtor agreed to pay Rs. 63,81,63,368/- as of 31-08-2018, with interest. The Corporate Debtor paid Rs. 12,30,59,615/- between 31-08-2018
…Sign in to view the parties.
Operational Creditor and Corporate Debtor…
Operational Creditor and Corporate Debtor…
Trafigura India Private Limited, the Operational Creditor, filed an application to initiate corporate insolvency resolution process against TDT Copper Limited, the Corporate Debtor, due to a default in payment of Rs. 59,72,40,162/- under a settlement agreement dated 20-11-2018. The Operational Creditor supplied copper cathodes to the Corporate Debtor under a Master Sale Agreement (MSA) dated 27-01-2016. Disputes arose regarding the amount due, with the Corporate Debtor claiming various issues such as non-supply of copper cathode, non-adjustment of payments, and GST-related matters. The Corporate Debtor also argued that the settlement agreement was one-sided and that the outstanding amount was within the maximum exposure limit under the MSA.
Trafigura India Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process against TDT Copper Limited (Corporate Debtor). The claim was based on a default in payment of Rs. 59,72,40,162/- under a settlement agreement dated 20-11-2018. The Operational Creditor and Corporate Debtor had entered into a Master Sale Agreement (MSA) dated 27-01-2016, for the supply of copper cathodes. The Corporate Debtor defaulted in making payments as per the MSA. A settlement agreement was entered into on 20-11-2018, where the Corporate Debtor agreed to pay Rs. 63,81,63,368/- as of 31-08-2018, with interest. The Corporate Debtor paid Rs. 12,30,59,615/- between 31-08-2018
…Operational Creditor and Corporate Debtor…
Operational Creditor and Corporate Debtor…