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. The Operational Creditor and Corporate Debtor entered into an Agency Agreement on 24.06.2016, where the Corporate Debtor was appointed as the Operational Creditor's agent in India. The Operational Creditor provided shipping services to the Corporate Debtor, raising invoices for freight charges between July 2016 and July 2017. Disputes arose regarding outstanding payments, leading to legal notices, a settlement agreement, and ultimately, the filing of the CIRP application.
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. The two parties had an agency agreement from 24.06.2016, where Simon Shipping acted as Marguisa Shipping's agent in India. Marguisa Shipping provided shipping services to Simon Shipping between 07-01-2016 and 07-31-2017, raising invoices totaling USD 188,093. Simon Shipping paid USD 45,473, leaving a principal outstanding of USD 1,42,620 (Rs. 1,04,18,391). Simon Shipping failed to meet a payment schedule, leading Marguisa Shipping to cancel the agency agreement on 07-01-2017. Marguisa Shipping issued legal notices on 10-23-2017 and 01-25-2018. Simon Shipping admitted the debt on 02-06-2018 but
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Operational Creditor…
Operational Creditor provided shipping services…
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. The Operational Creditor and Corporate Debtor entered into an Agency Agreement on 24.06.2016, where the Corporate Debtor was appointed as the Operational Creditor's agent in India. The Operational Creditor provided shipping services to the Corporate Debtor, raising invoices for freight charges between July 2016 and July 2017. Disputes arose regarding outstanding payments, leading to legal notices, a settlement agreement, and ultimately, the filing of the CIRP application.
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. The two parties had an agency agreement from 24.06.2016, where Simon Shipping acted as Marguisa Shipping's agent in India. Marguisa Shipping provided shipping services to Simon Shipping between 07-01-2016 and 07-31-2017, raising invoices totaling USD 188,093. Simon Shipping paid USD 45,473, leaving a principal outstanding of USD 1,42,620 (Rs. 1,04,18,391). Simon Shipping failed to meet a payment schedule, leading Marguisa Shipping to cancel the agency agreement on 07-01-2017. Marguisa Shipping issued legal notices on 10-23-2017 and 01-25-2018. Simon Shipping admitted the debt on 02-06-2018 but
…Operational Creditor…
Operational Creditor provided shipping services…