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 related to salvage and oil removal work on a grounded vessel. The Operational Creditor claimed a total debt of Rs.1,17,72,235/-, including principal and interest, with the date of default being 04.06.2018. The Corporate Debtor made partial payments but failed to settle the entire outstanding amount, 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 19.02.2018 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 01.03.2018 and completed the work by 05.05.2018, successfully refloating the vessel. A Salvage Master issued a Final Report dated 13.05.2018, confirming the vessel's safe refloating. The Salvage Master and the Corporate
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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 related to salvage and oil removal work on a grounded vessel. The Operational Creditor claimed a total debt of Rs.1,17,72,235/-, including principal and interest, with the date of default being 04.06.2018. The Corporate Debtor made partial payments but failed to settle the entire outstanding amount, 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 19.02.2018 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 01.03.2018 and completed the work by 05.05.2018, successfully refloating the vessel. A Salvage Master issued a Final Report dated 13.05.2018, confirming the vessel's safe refloating. The Salvage Master and the Corporate
…Corporate Debtor…
Operational C…