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 of USD 3,648,407.00 (equivalent to Rs.26,40,22,080.32). The application was based on services provided by Petroserv to John Energy for transportation and custom clearance of oil rigs. John Energy Limited disputed the debt, alleging deficiencies in Petroserv's services, retention of materials in Algeria, and raising concerns about the authenticity of documents submitted by Petroserv. The Corporate Debtor also claimed a counterclaim of Rs. 58,74,35,280.09.
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 unpaid operational debt of USD 3,648,407.00 (Rs.26,40,22,080.32). The debt arose from services provided by Petroserv for transportation and custom clearance of oil rigs. A service contract was entered into between the parties in 2017. Petroserv issued invoices for the services, but John Energy failed to make payments. John Energy acknowledged the debt in a letter dated 19.02.2018. A demand notice was issued by Petroserv on 09.04.2019. John Energy disputed the debt, alleging deficiencies in Petroserv's services, retention of materials in Algeria, and raising concerns about the authenticity
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Petroserv Corporation…
Corporate Debtor filed…
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 of USD 3,648,407.00 (equivalent to Rs.26,40,22,080.32). The application was based on services provided by Petroserv to John Energy for transportation and custom clearance of oil rigs. John Energy Limited disputed the debt, alleging deficiencies in Petroserv's services, retention of materials in Algeria, and raising concerns about the authenticity of documents submitted by Petroserv. The Corporate Debtor also claimed a counterclaim of Rs. 58,74,35,280.09.
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 unpaid operational debt of USD 3,648,407.00 (Rs.26,40,22,080.32). The debt arose from services provided by Petroserv for transportation and custom clearance of oil rigs. A service contract was entered into between the parties in 2017. Petroserv issued invoices for the services, but John Energy failed to make payments. John Energy acknowledged the debt in a letter dated 19.02.2018. A demand notice was issued by Petroserv on 09.04.2019. John Energy disputed the debt, alleging deficiencies in Petroserv's services, retention of materials in Algeria, and raising concerns about the authenticity
…Petroserv Corporation…
Corporate Debtor filed…