Shiva Marine Salvors And Engineers, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Kanishka Salvage and Underwater Services Private Limited, the Corporate Debtor, due to an outstanding debt of Rs.1,17,72,235/-. The debt arose from a sub-contract awarded to the Operational Creditor for salvage and oil removal from a grounded vessel, “M.V. Qing”. The Operational Creditor completed the work, and the vessel was successfully refloated. However, the Corporate Debtor failed to make the complete payment as per the contract terms, leading to the filing of the petition.
Shiva Marine Salvors And Engineers (Operational Creditor) provided maintenance, salvage, and repair services, particularly underwater jobs related to ship salvage, since 2011. Kanishka Salvage and Underwater Services Private Limited (Corporate Debtor) contacted the Operational Creditor and awarded a sub-contract dated 2018-02-19 for salvage and oil removal from the grounded vessel “M.V. Qing” at WISL Jetty, Goa. The scope of work included oil removal from the ship's tanks and re-flotation of the vessel. The Operational Creditor commenced operations on 2018-03-01 and completed the work by 2018-05-05, successfully refloating the vessel. A Salvage Master issued a final report dated 2018-05-13 confirming the vessel's safe refloating. The Salvage Master sent an email on
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Corporate Debtor awarded sub-contract to…
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Shiva Marine Salvors And Engineers, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Kanishka Salvage and Underwater Services Private Limited, the Corporate Debtor, due to an outstanding debt of Rs.1,17,72,235/-. The debt arose from a sub-contract awarded to the Operational Creditor for salvage and oil removal from a grounded vessel, “M.V. Qing”. The Operational Creditor completed the work, and the vessel was successfully refloated. However, the Corporate Debtor failed to make the complete payment as per the contract terms, leading to the filing of the petition.
Shiva Marine Salvors And Engineers (Operational Creditor) provided maintenance, salvage, and repair services, particularly underwater jobs related to ship salvage, since 2011. Kanishka Salvage and Underwater Services Private Limited (Corporate Debtor) contacted the Operational Creditor and awarded a sub-contract dated 2018-02-19 for salvage and oil removal from the grounded vessel “M.V. Qing” at WISL Jetty, Goa. The scope of work included oil removal from the ship's tanks and re-flotation of the vessel. The Operational Creditor commenced operations on 2018-03-01 and completed the work by 2018-05-05, successfully refloating the vessel. A Salvage Master issued a final report dated 2018-05-13 confirming the vessel's safe refloating. The Salvage Master sent an email on
…Corporate Debtor awarded sub-contract to…
Operational Creditor…