Posco Daewoo Corporation, the Operational Creditor (OC), filed a petition against Mohana Cotton Ginning Private Limited, the Corporate Debtor (CD), seeking to initiate Corporate Insolvency Resolution Process (CIRP) for a default of USD 30,000. The OC and CD had executed an International Shipment Contract on 2017-01-10 for the supply of 300 MT of Indian Raw Cotton. The CD supplied the goods, but due to certain compensation owed by the CD to the OC, they agreed the CD would pay USD 30,000. The OC raised a debit note, which the CD acknowledged via email on 2017-09-07. Despite reminders, the CD failed to pay, leading to the CIRP petition. The CD contended the petition was not maintainable, arguing the intention of the IBC was not to burden the Adjudicating Authority with
…On 2017-01-10, Posco Daewoo Corporation (OC) and Mohana Cotton Ginning Private Limited (CD) entered into an International Shipment Contract for 300 MT of Indian Raw Cotton. The CD supplied the goods. Due to certain compensation owed by the CD to the OC, they agreed the CD would pay USD 30,000. The OC raised a debit note for this amount. The CD acknowledged the liability via email on 2017-09-07. Despite repeated reminders, the CD failed to pay the USD 30,000. The OC then filed a petition to initiate CIRP against the CD. The CD filed a counter, arguing the petition was not maintainable because the intention of the IBC was not to burden the Adjudicating Authority with contract disputes, and there was an arbitration clause. The OC argued that the unpaid debt arose out of a
…Sign in to view the parties.
Posco Daewoo Corporation and Mohana Cotton…
Mohana Cotton Ginning Private Limited…
Posco Daewoo Corporation, the Operational Creditor (OC), filed a petition against Mohana Cotton Ginning Private Limited, the Corporate Debtor (CD), seeking to initiate Corporate Insolvency Resolution Process (CIRP) for a default of USD 30,000. The OC and CD had executed an International Shipment Contract on 2017-01-10 for the supply of 300 MT of Indian Raw Cotton. The CD supplied the goods, but due to certain compensation owed by the CD to the OC, they agreed the CD would pay USD 30,000. The OC raised a debit note, which the CD acknowledged via email on 2017-09-07. Despite reminders, the CD failed to pay, leading to the CIRP petition. The CD contended the petition was not maintainable, arguing the intention of the IBC was not to burden the Adjudicating Authority with
…On 2017-01-10, Posco Daewoo Corporation (OC) and Mohana Cotton Ginning Private Limited (CD) entered into an International Shipment Contract for 300 MT of Indian Raw Cotton. The CD supplied the goods. Due to certain compensation owed by the CD to the OC, they agreed the CD would pay USD 30,000. The OC raised a debit note for this amount. The CD acknowledged the liability via email on 2017-09-07. Despite repeated reminders, the CD failed to pay the USD 30,000. The OC then filed a petition to initiate CIRP against the CD. The CD filed a counter, arguing the petition was not maintainable because the intention of the IBC was not to burden the Adjudicating Authority with contract disputes, and there was an arbitration clause. The OC argued that the unpaid debt arose out of a
…Posco Daewoo Corporation and Mohana Cotton…
Mohana Cotton Ginning Private Limited…