This case involves a company petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IB Code) by operational creditors DF Deutsche Forfait AG (Deutsche) and Misr Bank Europe GmbH (Misr Bank) against Uttam Galva Steels Limited (Uttam). The creditors claim that Uttam defaulted on a payment of USD 16,542,886.33, equivalent to ₹110,40,30,876.44, for 20,000 tons of prime steel billets supplied by AIC Handels GmbH (AIC). The debt was initially assigned to Deutsche by AIC and subsequently assigned to Misr Bank by Deutsche. Uttam received a statutory notice under Section 8 of the IB Code on March 3, 2017, after a 10-day notice period. The corporate debtor (Uttam) is in steel rolls manufacturing dealing with export and import business in relation to steel.
…Uttam Galva Steels Ltd. (Uttam) is a company engaged in steel rolls manufacturing. DF Deutsche Forfait AG (Deutsche) and Misr Bank Europe GmbH (Misr Bank) are operational creditors. AIC Handels GmbH (AIC) supplied 20,000 tons of prime steel billets to Uttam. Uttam defaulted on a payment of USD 16,542,886.33 (₹110,40,30,876.44) for the supplied steel billets. The debt was initially assigned to Deutsche by AIC and subsequently assigned to Misr Bank by Deutsche. On August 16, 2013, Uttam entered into a Sales Contract with AIC for the purchase of the steel billets at $540 per MT, totaling $10,800,000 (+/- 10%). The shipment was agreed to be in September 2013, with payment due in 180 days from the Bill of Lading date. Payment was to be made in USD via two Bills of Exchange,
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Uttam entered into a Sales Contract with AIC…
AIC shipped 19…
This case involves a company petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IB Code) by operational creditors DF Deutsche Forfait AG (Deutsche) and Misr Bank Europe GmbH (Misr Bank) against Uttam Galva Steels Limited (Uttam). The creditors claim that Uttam defaulted on a payment of USD 16,542,886.33, equivalent to ₹110,40,30,876.44, for 20,000 tons of prime steel billets supplied by AIC Handels GmbH (AIC). The debt was initially assigned to Deutsche by AIC and subsequently assigned to Misr Bank by Deutsche. Uttam received a statutory notice under Section 8 of the IB Code on March 3, 2017, after a 10-day notice period. The corporate debtor (Uttam) is in steel rolls manufacturing dealing with export and import business in relation to steel.
…Uttam Galva Steels Ltd. (Uttam) is a company engaged in steel rolls manufacturing. DF Deutsche Forfait AG (Deutsche) and Misr Bank Europe GmbH (Misr Bank) are operational creditors. AIC Handels GmbH (AIC) supplied 20,000 tons of prime steel billets to Uttam. Uttam defaulted on a payment of USD 16,542,886.33 (₹110,40,30,876.44) for the supplied steel billets. The debt was initially assigned to Deutsche by AIC and subsequently assigned to Misr Bank by Deutsche. On August 16, 2013, Uttam entered into a Sales Contract with AIC for the purchase of the steel billets at $540 per MT, totaling $10,800,000 (+/- 10%). The shipment was agreed to be in September 2013, with payment due in 180 days from the Bill of Lading date. Payment was to be made in USD via two Bills of Exchange,
…Uttam entered into a Sales Contract with AIC…
AIC shipped 19…