E. Pearson & Co. Ltd., an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Sheba Marine Engineering Private Limited, the corporate debtor. The operational creditor had placed an order for the procurement of three rescue boats, and the corporate debtor raised an invoice for USD 335,000. The operational creditor made two advance payments totaling USD 227,000. The corporate debtor failed to deliver the boats as per the agreed timeline. The corporate debtor admitted to owing USD 337,004 but later claimed the debt was only USD 227,000. The operational creditor issued a demand notice, but the corporate debtor did not dispute the amount. The NCLT is
…E. Pearson & Co. Ltd. (Operational Creditor) placed an order with Sheba Marine Engineering Private Limited (Corporate Debtor) for three rescue boats to be supplied to DNCC, Bangladesh. The Corporate Debtor raised an invoice for USD 335,000 on 11.06.2020. The Operational Creditor made an initial payment of 30% on 16.06.2020. A second invoice was raised on 19.02.2021, and the Operational Creditor made a further payment on 03.03.2021, totaling USD 227,000 in advance payments. The Corporate Debtor failed to deliver the boats as per the agreed timeline established in a meeting on 08.06.2020. The Corporate Debtor admitted to owing USD 337,004 by 06.12.2022. The Corporate Debtor revised the reimbursement schedule via a Board Resolution dated 03.01.2023, but no payments
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E. Pearson & Co. Ltd., an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Sheba Marine Engineering Private Limited, the corporate debtor. The operational creditor had placed an order for the procurement of three rescue boats, and the corporate debtor raised an invoice for USD 335,000. The operational creditor made two advance payments totaling USD 227,000. The corporate debtor failed to deliver the boats as per the agreed timeline. The corporate debtor admitted to owing USD 337,004 but later claimed the debt was only USD 227,000. The operational creditor issued a demand notice, but the corporate debtor did not dispute the amount. The NCLT is
…E. Pearson & Co. Ltd. (Operational Creditor) placed an order with Sheba Marine Engineering Private Limited (Corporate Debtor) for three rescue boats to be supplied to DNCC, Bangladesh. The Corporate Debtor raised an invoice for USD 335,000 on 11.06.2020. The Operational Creditor made an initial payment of 30% on 16.06.2020. A second invoice was raised on 19.02.2021, and the Operational Creditor made a further payment on 03.03.2021, totaling USD 227,000 in advance payments. The Corporate Debtor failed to deliver the boats as per the agreed timeline established in a meeting on 08.06.2020. The Corporate Debtor admitted to owing USD 337,004 by 06.12.2022. The Corporate Debtor revised the reimbursement schedule via a Board Resolution dated 03.01.2023, but no payments
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Corporate Debtor raised…