Petroserv Corporation FZC filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against John Energy Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt amounting to USD 3,648,407.00 (equivalent to Rs.26,40,22,080.32). The applicant, Petroserv, claimed to have provided transportation and custom clearance services for John Energy's oil rigs, with service contracts executed in 2017. Petroserv issued invoices for these services, but John Energy allegedly failed to make payments despite accepting delivery. The application was filed on 2021-03-22.
Petroserv Corporation FZC, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against John Energy Limited, a corporate debtor, for defaulting on an operational debt of USD 3,648,407.00 (Rs.26,40,22,080.32). Petroserv provided transportation and custom clearance services to John Energy for oil rigs based on service contracts executed in 2017. Petroserv issued invoices for these services, but John Energy failed to pay. John Energy disputed the debt, alleging poor service quality, breach of contract by Petroserv, retention of materials in Algeria, and questioned the validity of documents like appreciation letters and balance confirmations. John Energy also claimed a counterclaim for losses incurred due to Petroserv's
…Sign in to view the parties.
The Insolvency and Bankruptcy Code, 2016 (IBC)…
Petroserv Corporation FZC and John Energy…
Petroserv Corporation FZC filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against John Energy Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt amounting to USD 3,648,407.00 (equivalent to Rs.26,40,22,080.32). The applicant, Petroserv, claimed to have provided transportation and custom clearance services for John Energy's oil rigs, with service contracts executed in 2017. Petroserv issued invoices for these services, but John Energy allegedly failed to make payments despite accepting delivery. The application was filed on 2021-03-22.
Petroserv Corporation FZC, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against John Energy Limited, a corporate debtor, for defaulting on an operational debt of USD 3,648,407.00 (Rs.26,40,22,080.32). Petroserv provided transportation and custom clearance services to John Energy for oil rigs based on service contracts executed in 2017. Petroserv issued invoices for these services, but John Energy failed to pay. John Energy disputed the debt, alleging poor service quality, breach of contract by Petroserv, retention of materials in Algeria, and questioned the validity of documents like appreciation letters and balance confirmations. John Energy also claimed a counterclaim for losses incurred due to Petroserv's
…The Insolvency and Bankruptcy Code, 2016 (IBC)…
Petroserv Corporation FZC and John Energy…