The case involves a petition filed by Patel Integrated Logistics Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Asmi Express Private Limited (Corporate Debtor). The Operational Creditor claimed a total amount of Rs. 2,63,46,928.15, with a principal amount due of Rs. 1,29,41,882. The Corporate Debtor allegedly defaulted on payments for logistical services provided by the Operational Creditor under an All India Cargo Agreement. Despite a settlement agreement and partial payments, a significant amount remained unpaid.
Patel Integrated Logistics Limited (Operational Creditor) filed a petition against Asmi Express Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The claim was for Rs. 2,63,46,928.15, including a principal amount of Rs. 1,29,41,882, arising from unpaid invoices for logistical services provided under an All India Cargo Agreement dated 31.12.2013. The invoices were issued between December 2015 and March 2016. The Corporate Debtor confirmed outstanding dues of Rs. 2,67,76,927 as of 31.03.2016. A settlement agreement was executed on 07.02.2017, where the Corporate Debtor agreed to pay Rs. 1,68,57,954 in five monthly installments starting from 28.02.2017. The Corporate Debtor failed to adhere to the
…Sign in to view the parties.
Cargo agreement between Patel Integrated…
Invoices were issued…
The case involves a petition filed by Patel Integrated Logistics Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Asmi Express Private Limited (Corporate Debtor). The Operational Creditor claimed a total amount of Rs. 2,63,46,928.15, with a principal amount due of Rs. 1,29,41,882. The Corporate Debtor allegedly defaulted on payments for logistical services provided by the Operational Creditor under an All India Cargo Agreement. Despite a settlement agreement and partial payments, a significant amount remained unpaid.
Patel Integrated Logistics Limited (Operational Creditor) filed a petition against Asmi Express Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The claim was for Rs. 2,63,46,928.15, including a principal amount of Rs. 1,29,41,882, arising from unpaid invoices for logistical services provided under an All India Cargo Agreement dated 31.12.2013. The invoices were issued between December 2015 and March 2016. The Corporate Debtor confirmed outstanding dues of Rs. 2,67,76,927 as of 31.03.2016. A settlement agreement was executed on 07.02.2017, where the Corporate Debtor agreed to pay Rs. 1,68,57,954 in five monthly installments starting from 28.02.2017. The Corporate Debtor failed to adhere to the
…Cargo agreement between Patel Integrated…
Invoices were issued…