The case involves multiple applications (CA Nos. 458/2019, 769/2019, 892/2019 & IA No. 947/2020) arising from CP (IB) No. 159/Chd/PB/2018 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The core issue revolves around claims filed by MMTC Ltd. and State Trading Corporation of India Limited (STC Ltd.) against Millennium Wires Private Ltd., a corporate debtor undergoing liquidation. The claims relate to transactions under an Associate Agreement for the import of CC copper wire rods, where disputes arose due to non-delivery of material, dishonored cheques, and alleged fraud. The liquidator rejected these claims, leading to the applications before the NCLT.
1. An Associate Agreement was entered into on 30.05.2011 between MMTC and Millennium Wires Private Ltd. for importing CC rods.
2. MMTC was to import CC rods from SIMS Malaysia/Singapore for sale on a 'back-to-back high seas sale' basis to the corporate debtor.
3. The corporate debtor was to deposit 25% of the total CIF value as EMD, kept by MMTC in a Fixed Deposit account.
4. MMTC imported CC rods under the first four lots, which were sold to the corporate debtor, who made full payment.
5. MMTC imported CC rods under the 5th, 6th, and 7th lots, but did not sell the material to the corporate debtor.
6. The 8th lot turned out to be a fraud by SIMS, as the consignment was never shipped.
7. The corporate debtor issued cheques for the 5th, 6th, and 7th lots, which were
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Associate Agreement…
STC entered into an Associate Agreement with…
The case involves multiple applications (CA Nos. 458/2019, 769/2019, 892/2019 & IA No. 947/2020) arising from CP (IB) No. 159/Chd/PB/2018 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The core issue revolves around claims filed by MMTC Ltd. and State Trading Corporation of India Limited (STC Ltd.) against Millennium Wires Private Ltd., a corporate debtor undergoing liquidation. The claims relate to transactions under an Associate Agreement for the import of CC copper wire rods, where disputes arose due to non-delivery of material, dishonored cheques, and alleged fraud. The liquidator rejected these claims, leading to the applications before the NCLT.
1. An Associate Agreement was entered into on 30.05.2011 between MMTC and Millennium Wires Private Ltd. for importing CC rods.
2. MMTC was to import CC rods from SIMS Malaysia/Singapore for sale on a 'back-to-back high seas sale' basis to the corporate debtor.
3. The corporate debtor was to deposit 25% of the total CIF value as EMD, kept by MMTC in a Fixed Deposit account.
4. MMTC imported CC rods under the first four lots, which were sold to the corporate debtor, who made full payment.
5. MMTC imported CC rods under the 5th, 6th, and 7th lots, but did not sell the material to the corporate debtor.
6. The 8th lot turned out to be a fraud by SIMS, as the consignment was never shipped.
7. The corporate debtor issued cheques for the 5th, 6th, and 7th lots, which were
Associate Agreement…
STC entered into an Associate Agreement with…