M/s. GP Harmon Recycling LLC (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Tirumala Venkateshwara Paper and Board Pvt. Ltd. (Corporate Debtor) for the initiation of Corporate Insolvency Resolution Process (CIRP). The application sought to recover operational dues of USD 39,965.18 (equivalent to INR 28,57,111) outstanding as of 17.02.2020. The debt arose from three offshore contracts for the sale and supply of goods. The Corporate Debtor's bank, SBI, released original documents without payment, allowing the Corporate Debtor to take delivery of goods, leading to unpaid invoices.
M/s. GP Harmon Recycling LLC (Operational Creditor) filed an application under Section 9 of the IBC against M/s. Tirumala Venkateshwara Paper and Board Pvt. Ltd. (Corporate Debtor).
The application seeks initiation of CIRP for non-payment of USD 39,965.18 (INR 28,57,111) as operational dues as of 17.02.2020.
The relationship was established through three offshore contracts for the sale and supply of goods: Contract No. NCPL/16-17/276 dated 15.11.2016, Contract No. NCPL/17-18/013 dated 12.04.2017, and Contract No. NCPL/17-18/046 dated 27.04.2017.
The Operational Creditor dispatched goods from a port in the USA for shipment to JNPT ICD, Hyderabad, India.
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Contract No. NCPL/16-17/276 entered into…
Invoice No. 451001102159…
M/s. GP Harmon Recycling LLC (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Tirumala Venkateshwara Paper and Board Pvt. Ltd. (Corporate Debtor) for the initiation of Corporate Insolvency Resolution Process (CIRP). The application sought to recover operational dues of USD 39,965.18 (equivalent to INR 28,57,111) outstanding as of 17.02.2020. The debt arose from three offshore contracts for the sale and supply of goods. The Corporate Debtor's bank, SBI, released original documents without payment, allowing the Corporate Debtor to take delivery of goods, leading to unpaid invoices.
M/s. GP Harmon Recycling LLC (Operational Creditor) filed an application under Section 9 of the IBC against M/s. Tirumala Venkateshwara Paper and Board Pvt. Ltd. (Corporate Debtor).
The application seeks initiation of CIRP for non-payment of USD 39,965.18 (INR 28,57,111) as operational dues as of 17.02.2020.
The relationship was established through three offshore contracts for the sale and supply of goods: Contract No. NCPL/16-17/276 dated 15.11.2016, Contract No. NCPL/17-18/013 dated 12.04.2017, and Contract No. NCPL/17-18/046 dated 27.04.2017.
The Operational Creditor dispatched goods from a port in the USA for shipment to JNPT ICD, Hyderabad, India.
…Contract No. NCPL/16-17/276 entered into…
Invoice No. 451001102159…