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 claimed that John Energy Limited defaulted on payments for services related to transportation and custom clearance of oil rigs. The corporate debtor, John Energy Limited, contested the application, raising disputes regarding the quality of services, retention of materials by the operational creditor in Algeria, and the authenticity of certain documents, including appreciation letters and balance confirmations. The corporate debtor also claimed a counterclaim
…Petroserv Corporation FZC (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against John Energy Limited (Corporate Debtor) for defaulting on an operational debt of USD 3,648,407.00. The debt arose from services provided by Petroserv for transportation and custom clearance of oil rigs. A service contract was in place between the parties, with invoices issued for services rendered. John Energy Limited allegedly failed to make payments despite accepting delivery of the services. The Corporate Debtor acknowledged the debt in a letter dated 19.02.2018 and through an auditor's email dated 07.02.2019. A demand notice was issued on 09.04.2019 under Section 8(1) of IBC, 2016. John Energy Limited disputed the debt, claiming
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Petroserv Corporation…
John Energy Limited…
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 claimed that John Energy Limited defaulted on payments for services related to transportation and custom clearance of oil rigs. The corporate debtor, John Energy Limited, contested the application, raising disputes regarding the quality of services, retention of materials by the operational creditor in Algeria, and the authenticity of certain documents, including appreciation letters and balance confirmations. The corporate debtor also claimed a counterclaim
…Petroserv Corporation FZC (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against John Energy Limited (Corporate Debtor) for defaulting on an operational debt of USD 3,648,407.00. The debt arose from services provided by Petroserv for transportation and custom clearance of oil rigs. A service contract was in place between the parties, with invoices issued for services rendered. John Energy Limited allegedly failed to make payments despite accepting delivery of the services. The Corporate Debtor acknowledged the debt in a letter dated 19.02.2018 and through an auditor's email dated 07.02.2019. A demand notice was issued on 09.04.2019 under Section 8(1) of IBC, 2016. John Energy Limited disputed the debt, claiming
…Petroserv Corporation…
John Energy Limited…