The case involves an application filed by Marguisa Shipping Line, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Simon Shipping Pvt. Ltd., the Corporate Debtor, for an operational debt of Rs. 1,93,47,787/- including interest. The Operational Creditor and Corporate Debtor entered into an Agency Agreement on 24.06.2016, whereby the Corporate Debtor was appointed as the Operational Creditor's agent in India. The Corporate Debtor utilized the shipping services of the Operational Creditor for transportation of merchandise. Invoices were raised by the Operational Creditor between 1st July 2016 and 31st July 2017, totaling USD 188,093. Out of this amount, USD
…Marguisa Shipping Line (Operational Creditor) filed a petition against Simon Shipping Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for an operational debt of Rs. 1,93,47,787/-. An Agency Agreement was in place since 24.06.2016, where Simon Shipping was Marguisa's agent in India. Simon Shipping utilized Marguisa's shipping services, generating invoices totaling USD 188,093 between July 2016 and July 2017. USD 45,473 was paid, leaving USD 1,42,620 outstanding. Simon Shipping failed to meet payment commitments, leading to the cancellation of the Agency Agreement. Legal notices were issued. A Settlement Agreement was reached on 28.06.2019, but Simon Shipping breached it. Marguisa issued a demand notice on 26.11.2019. Simon
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Operational Creditor…
Start of the period during which the…
The case involves an application filed by Marguisa Shipping Line, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Simon Shipping Pvt. Ltd., the Corporate Debtor, for an operational debt of Rs. 1,93,47,787/- including interest. The Operational Creditor and Corporate Debtor entered into an Agency Agreement on 24.06.2016, whereby the Corporate Debtor was appointed as the Operational Creditor's agent in India. The Corporate Debtor utilized the shipping services of the Operational Creditor for transportation of merchandise. Invoices were raised by the Operational Creditor between 1st July 2016 and 31st July 2017, totaling USD 188,093. Out of this amount, USD
…Marguisa Shipping Line (Operational Creditor) filed a petition against Simon Shipping Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for an operational debt of Rs. 1,93,47,787/-. An Agency Agreement was in place since 24.06.2016, where Simon Shipping was Marguisa's agent in India. Simon Shipping utilized Marguisa's shipping services, generating invoices totaling USD 188,093 between July 2016 and July 2017. USD 45,473 was paid, leaving USD 1,42,620 outstanding. Simon Shipping failed to meet payment commitments, leading to the cancellation of the Agency Agreement. Legal notices were issued. A Settlement Agreement was reached on 28.06.2019, but Simon Shipping breached it. Marguisa issued a demand notice on 26.11.2019. Simon
…Operational Creditor…
Start of the period during which the…