The case involves an application filed by M/s. Universal Solutions of America LLC (Operational Creditor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, against M/s. The Travancore Cements Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted in paying US$ 3,02,160 plus repaying ₹1,32,14,000 given as Earnest Money Deposit and Security Deposit. The Corporate Debtor argued that there was a pre-existing dispute regarding the quality of clinker supplied, and therefore, the application should be rejected.
M/s. Universal Solutions of America LLC (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against M/s. The Travancore Cements Limited (Corporate Debtor) for initiation of CIRP. The Operational Creditor and Corporate Debtor entered into an agreement on 21.01.2016 for the supply of clinker for manufacturing white cement. The Corporate Debtor was to furnish ₹1,32,14,000 as Earnest Money Deposit and Security Deposit. The Operational Creditor supplied clinker, but the Corporate Debtor allegedly failed to pay US$ 3,02,160 for the invoices and repay the Earnest Money Deposit and Security Deposit. The Operational Creditor issued a Section 8 notice on 30.11.2017. The Corporate Debtor claimed the clinker was of poor
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Agreement between…
Invoice USA/TCL…
The case involves an application filed by M/s. Universal Solutions of America LLC (Operational Creditor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, against M/s. The Travancore Cements Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted in paying US$ 3,02,160 plus repaying ₹1,32,14,000 given as Earnest Money Deposit and Security Deposit. The Corporate Debtor argued that there was a pre-existing dispute regarding the quality of clinker supplied, and therefore, the application should be rejected.
M/s. Universal Solutions of America LLC (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against M/s. The Travancore Cements Limited (Corporate Debtor) for initiation of CIRP. The Operational Creditor and Corporate Debtor entered into an agreement on 21.01.2016 for the supply of clinker for manufacturing white cement. The Corporate Debtor was to furnish ₹1,32,14,000 as Earnest Money Deposit and Security Deposit. The Operational Creditor supplied clinker, but the Corporate Debtor allegedly failed to pay US$ 3,02,160 for the invoices and repay the Earnest Money Deposit and Security Deposit. The Operational Creditor issued a Section 8 notice on 30.11.2017. The Corporate Debtor claimed the clinker was of poor
…Agreement between…
Invoice USA/TCL…