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) for non-payment of operational dues amounting to USD 39,965.18 (INR 28,57,111). The debt arose from three offshore contracts for the sale and supply of goods, for which the Corporate Debtor failed to make full payment after taking delivery of goods released by SBI without proper authorization.
M/s. GP Harmon Recycling LLC (Operational Creditor) supplied goods to M/s. Tirumala Venkateshwara Paper and Board Pvt. Ltd. (Corporate Debtor) under three offshore contracts dated 15.11.2016, 12.04.2017, and 27.04.2017.
The Operational Creditor dispatched goods from the USA to JNPT ICD, Hyderabad, and forwarded original documents to SBI with instructions for release only upon payment.
SBI released the original documents to the Corporate Debtor, allowing delivery of goods, without receiving payment from the Corporate Debtor.
The Operational Creditor raised five invoices totaling USD 95,815.25 for the supplied goods.
The Corporate Debtor made a payment of USD 15,728.54 on 11.02.2019 against the first invoice.
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Operational Creditor and Corporate Debtor…
Operational Creditor and Corporate Debtor…
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) for non-payment of operational dues amounting to USD 39,965.18 (INR 28,57,111). The debt arose from three offshore contracts for the sale and supply of goods, for which the Corporate Debtor failed to make full payment after taking delivery of goods released by SBI without proper authorization.
M/s. GP Harmon Recycling LLC (Operational Creditor) supplied goods to M/s. Tirumala Venkateshwara Paper and Board Pvt. Ltd. (Corporate Debtor) under three offshore contracts dated 15.11.2016, 12.04.2017, and 27.04.2017.
The Operational Creditor dispatched goods from the USA to JNPT ICD, Hyderabad, and forwarded original documents to SBI with instructions for release only upon payment.
SBI released the original documents to the Corporate Debtor, allowing delivery of goods, without receiving payment from the Corporate Debtor.
The Operational Creditor raised five invoices totaling USD 95,815.25 for the supplied goods.
The Corporate Debtor made a payment of USD 15,728.54 on 11.02.2019 against the first invoice.
…Operational Creditor and Corporate Debtor…
Operational Creditor and Corporate Debtor…