Matashree Mercantile Private Limited filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Sesa International Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed a default of Rs. 17,73,04,657.53 plus interest, arising from a contract for the supply of iron ore fines. The corporate debtor allegedly failed to supply the materials despite receiving an advance payment of Rs. 15,00,00,000. The operational creditor contended that the corporate debtor requested termination of the contract due to a shortage of supply, and subsequently failed to refund the advance amount.
Matashree Mercantile Private Limited (Operational Creditor) filed a petition against Sesa International Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor and Corporate Debtor entered into a sale contract on February 22, 2019, for the purchase of 1,00,000 MT of Iron Ore Fines. The Operational Creditor made an advance payment of Rs. 15,00,00,000 in two tranches: Rs. 10,00,00,000 on February 25, 2019, and Rs. 5,00,00,000 on March 6, 2019. The contract stipulated that the Corporate Debtor should aim to supply the materials within three months of the advance payment date, with a final delivery deadline of six months from the receipt of the full advance. The Operational Creditor claimed that the Corporate Debtor
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Sale contract entered into between…
Matashree Mercantile Private Limited made an…
Matashree Mercantile Private Limited filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Sesa International Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed a default of Rs. 17,73,04,657.53 plus interest, arising from a contract for the supply of iron ore fines. The corporate debtor allegedly failed to supply the materials despite receiving an advance payment of Rs. 15,00,00,000. The operational creditor contended that the corporate debtor requested termination of the contract due to a shortage of supply, and subsequently failed to refund the advance amount.
Matashree Mercantile Private Limited (Operational Creditor) filed a petition against Sesa International Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor and Corporate Debtor entered into a sale contract on February 22, 2019, for the purchase of 1,00,000 MT of Iron Ore Fines. The Operational Creditor made an advance payment of Rs. 15,00,00,000 in two tranches: Rs. 10,00,00,000 on February 25, 2019, and Rs. 5,00,00,000 on March 6, 2019. The contract stipulated that the Corporate Debtor should aim to supply the materials within three months of the advance payment date, with a final delivery deadline of six months from the receipt of the full advance. The Operational Creditor claimed that the Corporate Debtor
…Sale contract entered into between…
Matashree Mercantile Private Limited made an…