The case involves a petition filed by All Cargo Logistics Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Gallictrans Cargo Logistics. The operational creditor, All Cargo Logistics, claimed a default amount of Rs. 1,03,11,362.58, which included interest. The respondent, Gallictrans Cargo Logistics, contested the claim, stating they acted as forwarding agents for known principals and that the claim was wrongly claimed. The petition was initially dismissed due to the operational creditor's non-appearance but was later restored. A settlement agreement dated 09.10.2018 was placed on record.
All Cargo Logistics Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Gallictrans Cargo Logistics Pvt. Ltd. (Corporate Debtor). The claim was for a default amount of Rs. 1,03,11,362.58, including interest, for services provided between June 2018 and October 2018. The Corporate Debtor was incorporated on 10.04.2012. The Operational Creditor issued a statutory demand notice on 08.08.2019, which was received by the Corporate Debtor. The Corporate Debtor confirmed the liability towards payment of the outstanding amounts in a Settlement Agreement dated 09.10.2018. The Corporate Debtor issued 71 cheques towards part-payment, but they were
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Gallictrans Cargo…
A major fire occurred…
The case involves a petition filed by All Cargo Logistics Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Gallictrans Cargo Logistics. The operational creditor, All Cargo Logistics, claimed a default amount of Rs. 1,03,11,362.58, which included interest. The respondent, Gallictrans Cargo Logistics, contested the claim, stating they acted as forwarding agents for known principals and that the claim was wrongly claimed. The petition was initially dismissed due to the operational creditor's non-appearance but was later restored. A settlement agreement dated 09.10.2018 was placed on record.
All Cargo Logistics Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Gallictrans Cargo Logistics Pvt. Ltd. (Corporate Debtor). The claim was for a default amount of Rs. 1,03,11,362.58, including interest, for services provided between June 2018 and October 2018. The Corporate Debtor was incorporated on 10.04.2012. The Operational Creditor issued a statutory demand notice on 08.08.2019, which was received by the Corporate Debtor. The Corporate Debtor confirmed the liability towards payment of the outstanding amounts in a Settlement Agreement dated 09.10.2018. The Corporate Debtor issued 71 cheques towards part-payment, but they were
…Gallictrans Cargo…
A major fire occurred…