Trans Asian Shipping Services Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Loom Crafts Furniture (India) Private Limited, the corporate debtor, due to unpaid operational debt. The debt arose from the import of 'Remelted Lead Ingots/Blocks' by the corporate debtor from Malaysia, with the applicant providing shipping services. The consignment arrived in India in 2007, but the corporate debtor allegedly failed to clear the goods, leading to container detention charges and other expenses. The operational creditor issued a demand notice in 2018, but the corporate debtor did not make the payment. The corporate debtor

Trans Asian Shipping Services Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Loom Crafts Furniture (India) Private Limited, the corporate debtor, due to unpaid operational debt. The debt arose from the import of 'Remelted Lead Ingots/Blocks' by the corporate debtor from Malaysia, with the applicant providing shipping services. The consignment arrived in India in 2007, but the corporate debtor allegedly failed to clear the goods, leading to container detention charges and other expenses. The operational creditor issued a demand notice in 2018, but the corporate debtor did not make the payment. The corporate debtor