Posco Daewoo Corporation, the Operational Creditor (OC), filed a petition against Mohana Cotton Ginning Private Limited, the Corporate Debtor (CD), to initiate Corporate Insolvency Resolution Process (CIRP) for a default of USD 1,757.48. The OC and CD had three international shipment contracts. Discrepancies in cotton weight, LC amendment costs, and lawyer's fees led to the CD agreeing to pay USD 1,757.48, for which the OC raised debit notes. The CD initially acknowledged the liability but later denied paying USD 1,080.60 while admitting liability for USD 176.88 and USD 500. The OC issued demand notices, and the CD replied, denying full liability and citing issues in business transactions and legal proceedings. The CD argued the petition was not maintainable due to an
…Posco Daewoo Corporation (OC) filed a petition against Mohana Cotton Ginning Private Limited (CD) to initiate CIRP for a default of USD 1,757.48. The OC and CD had three international shipment contracts for Indian Raw Cotton. Discrepancies in cotton weight, LC amendment costs, and lawyer's fees led to the CD agreeing to pay USD 1,757.48, for which the OC raised debit notes. The CD acknowledged liability by executing debit notes transmitted via emails. The CD later informed the OC that it had remitted USD 2,630 against two debit notes, but the OC never received the amount. The OC issued three demand notices. The CD denied liability for USD 1,080.60 but admitted liability for USD 176.88 and USD 500. The CD filed a counter, arguing the petition was not maintainable due to
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OC and CD executed a contract for the supply…
OC and CD executed a contract for the supply…
Posco Daewoo Corporation, the Operational Creditor (OC), filed a petition against Mohana Cotton Ginning Private Limited, the Corporate Debtor (CD), to initiate Corporate Insolvency Resolution Process (CIRP) for a default of USD 1,757.48. The OC and CD had three international shipment contracts. Discrepancies in cotton weight, LC amendment costs, and lawyer's fees led to the CD agreeing to pay USD 1,757.48, for which the OC raised debit notes. The CD initially acknowledged the liability but later denied paying USD 1,080.60 while admitting liability for USD 176.88 and USD 500. The OC issued demand notices, and the CD replied, denying full liability and citing issues in business transactions and legal proceedings. The CD argued the petition was not maintainable due to an
…Posco Daewoo Corporation (OC) filed a petition against Mohana Cotton Ginning Private Limited (CD) to initiate CIRP for a default of USD 1,757.48. The OC and CD had three international shipment contracts for Indian Raw Cotton. Discrepancies in cotton weight, LC amendment costs, and lawyer's fees led to the CD agreeing to pay USD 1,757.48, for which the OC raised debit notes. The CD acknowledged liability by executing debit notes transmitted via emails. The CD later informed the OC that it had remitted USD 2,630 against two debit notes, but the OC never received the amount. The OC issued three demand notices. The CD denied liability for USD 1,080.60 but admitted liability for USD 176.88 and USD 500. The CD filed a counter, arguing the petition was not maintainable due to
…OC and CD executed a contract for the supply…
OC and CD executed a contract for the supply…