The case involves an application filed by VS & B Containers (L.L.C), the Operational Creditor, against XllentMariline India Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an outstanding debt of Rs.96,24,748.88, inclusive of interest. The Corporate Debtor had initially made part payments but failed to pay the remaining amount for invoices raised from 31.07.2015. The Operational Creditor issued a demand notice dated 21.05.2018 under Section 8 of the I&B Code, 2016. The Corporate Debtor acknowledged the debt and expressed readiness to pay subject to calculations and requested no further legal action. The
…VS & B Containers (L.L.C) (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against XllentMariline India Private Limited (Corporate Debtor) for an outstanding debt of Rs.96,24,748.88. The Operational Creditor is engaged in managing marine cargo equipment, including containers, and provided equipment for transporting goods on lease or hire. In December 2014, the Corporate Debtor approached the Operational Creditor for hiring containers. A Master Lease Agreement was executed on 01.01.2015, outlining the terms and conditions. Clause 2.2 stipulated payment within 30 days of the invoice date. The Operational Creditor raised invoices from January 2015. The Corporate Debtor made initial payments but defaulted on
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The Corporate Debtor approached the…
The Operational Creditor agreed to lease out…
The case involves an application filed by VS & B Containers (L.L.C), the Operational Creditor, against XllentMariline India Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an outstanding debt of Rs.96,24,748.88, inclusive of interest. The Corporate Debtor had initially made part payments but failed to pay the remaining amount for invoices raised from 31.07.2015. The Operational Creditor issued a demand notice dated 21.05.2018 under Section 8 of the I&B Code, 2016. The Corporate Debtor acknowledged the debt and expressed readiness to pay subject to calculations and requested no further legal action. The
…VS & B Containers (L.L.C) (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against XllentMariline India Private Limited (Corporate Debtor) for an outstanding debt of Rs.96,24,748.88. The Operational Creditor is engaged in managing marine cargo equipment, including containers, and provided equipment for transporting goods on lease or hire. In December 2014, the Corporate Debtor approached the Operational Creditor for hiring containers. A Master Lease Agreement was executed on 01.01.2015, outlining the terms and conditions. Clause 2.2 stipulated payment within 30 days of the invoice date. The Operational Creditor raised invoices from January 2015. The Corporate Debtor made initial payments but defaulted on
…The Corporate Debtor approached the…
The Operational Creditor agreed to lease out…