The case involves an application filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, by M/s Hi-Tech Steel Services Ltd. (Operational Creditor) against M/s Contexus Resource Management Pvt. Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP) due to a default in payment of $137,520 (INR Rs. 1,03,27,408.20 as on 24.12.2021). The Operational Creditor, based in the United Kingdom, claimed that the Corporate Debtor failed to supply steel coils after receiving an advance payment. The Corporate Debtor shared a Bill of Lading which turned out to be forged, leading to the termination of the contract by the Operational Creditor.
M/s Hi-Tech Steel Services Ltd. (Operational Creditor), based in the United Kingdom, entered into a contract with M/s Contexus Resource Management Pvt. Ltd. (Corporate Debtor) for the purchase of 400 tones of steel coils for $458,400. The Operational Creditor paid 30% of the contract price, amounting to $137,520 (INR Rs. 1,03,27,408.20 as on 24.12.2021), as an advance payment on 06.05.2021. On 26.05.2021, the Corporate Debtor shared a Bill of Lading and requested the remaining payment. The Operational Creditor claimed that the Bill of Lading was forged, and the consignment could not be inspected. The Operational Creditor terminated the contract on 24.06.2021 and requested a refund of the advance payment. The Corporate Debtor did not respond. The Operational Creditor
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Operational Creditor…
Corporate Debtor shared…
The case involves an application filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, by M/s Hi-Tech Steel Services Ltd. (Operational Creditor) against M/s Contexus Resource Management Pvt. Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP) due to a default in payment of $137,520 (INR Rs. 1,03,27,408.20 as on 24.12.2021). The Operational Creditor, based in the United Kingdom, claimed that the Corporate Debtor failed to supply steel coils after receiving an advance payment. The Corporate Debtor shared a Bill of Lading which turned out to be forged, leading to the termination of the contract by the Operational Creditor.
M/s Hi-Tech Steel Services Ltd. (Operational Creditor), based in the United Kingdom, entered into a contract with M/s Contexus Resource Management Pvt. Ltd. (Corporate Debtor) for the purchase of 400 tones of steel coils for $458,400. The Operational Creditor paid 30% of the contract price, amounting to $137,520 (INR Rs. 1,03,27,408.20 as on 24.12.2021), as an advance payment on 06.05.2021. On 26.05.2021, the Corporate Debtor shared a Bill of Lading and requested the remaining payment. The Operational Creditor claimed that the Bill of Lading was forged, and the consignment could not be inspected. The Operational Creditor terminated the contract on 24.06.2021 and requested a refund of the advance payment. The Corporate Debtor did not respond. The Operational Creditor
…Operational Creditor…
Corporate Debtor shared…