Shiva Marine Salvors And Engineers, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Kanishka Salvage and Underwater Services Private Limited, the Corporate Debtor, due to unpaid debt. The Operational Creditor provided salvage and repair services, including oil removal and re-floating of a vessel named M.V. Qing, under a sub-contract awarded by the Corporate Debtor. The Corporate Debtor made partial payments, but a significant amount remained outstanding, 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. On 19.02.2018, Kanishka Salvage and Underwater Services Private Limited (Corporate Debtor) awarded a sub-contract to the Operational Creditor for salvage and oil removal from the grounded vessel “M.V. Qing” at WISL Jetty, Goa. The Operational Creditor commenced operations on 01.03.2018 and completed the work by 05.05.2018, successfully refloating the vessel. A Salvage Master issued a Final Report on 13.05.2018 confirming the vessel's safe refloating. The Corporate Debtor issued a completion certificate dated 27.06.2018. As per the contract dated 19.02.2018, the Corporate Debtor was to pay
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Corporate Debtor awarded sub-contract to…
Operational C…
Shiva Marine Salvors And Engineers, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Kanishka Salvage and Underwater Services Private Limited, the Corporate Debtor, due to unpaid debt. The Operational Creditor provided salvage and repair services, including oil removal and re-floating of a vessel named M.V. Qing, under a sub-contract awarded by the Corporate Debtor. The Corporate Debtor made partial payments, but a significant amount remained outstanding, 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. On 19.02.2018, Kanishka Salvage and Underwater Services Private Limited (Corporate Debtor) awarded a sub-contract to the Operational Creditor for salvage and oil removal from the grounded vessel “M.V. Qing” at WISL Jetty, Goa. The Operational Creditor commenced operations on 01.03.2018 and completed the work by 05.05.2018, successfully refloating the vessel. A Salvage Master issued a Final Report on 13.05.2018 confirming the vessel's safe refloating. The Corporate Debtor issued a completion certificate dated 27.06.2018. As per the contract dated 19.02.2018, the Corporate Debtor was to pay
…Corporate Debtor awarded sub-contract to…
Operational C…