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. The Operational Creditor claimed Rs. 2,63,46,928.15, including a principal amount of Rs. 1,29,41,882, for logistical services provided under an All India Cargo Agreement dated 31.12.2013. Invoices were issued between December 2015 and March 2016. The Corporate Debtor acknowledged a debt of Rs. 2,67,76,927 as of 31.03.2016. A settlement agreement was signed on 07.02.2017, with the Corporate Debtor agreeing to pay Rs. 1,68,57,954 in five monthly installments from 28.02.2017. The Corporate Debtor made a partial payment of Rs. 36,50,000, leaving Rs. 1,32,42,882 unpaid. The Operational
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Cargo agreement between…
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. The Operational Creditor claimed Rs. 2,63,46,928.15, including a principal amount of Rs. 1,29,41,882, for logistical services provided under an All India Cargo Agreement dated 31.12.2013. Invoices were issued between December 2015 and March 2016. The Corporate Debtor acknowledged a debt of Rs. 2,67,76,927 as of 31.03.2016. A settlement agreement was signed on 07.02.2017, with the Corporate Debtor agreeing to pay Rs. 1,68,57,954 in five monthly installments from 28.02.2017. The Corporate Debtor made a partial payment of Rs. 36,50,000, leaving Rs. 1,32,42,882 unpaid. The Operational
…Cargo agreement between…
Invoices were issued…