The appeals concern two important questions arising under the Insolvency and Bankruptcy Code, 2016 (IBC). The first question is whether Section 9(3)(c) of the IBC, regarding the provision of a certificate from a financial institution confirming non-payment of an operational debt, is mandatory for operational debt claims. The second question is whether a demand notice for an unpaid operational debt can be issued by a lawyer on behalf of the operational creditor. The appellant, Macquarie Bank Limited, had entered into an agreement with Hamera International Private Limited, acquiring the original supplier's rights in a supply agreement with the respondent, Shilpi Cable Technologies Ltd. Disputes arose regarding payment for goods supplied, leading to the appellant issuing
…Hamera International Private Limited executed an agreement with Macquarie Bank Limited, Singapore, on 2015-07-27, by which the appellant purchased the original supplier's right, title and interest in a supply agreement in favor of the respondent, Shilpi Cable Technologies Ltd. The respondent entered into an agreement dated 2015-12-02 for supply of goods worth US$6,321,337.11 in accordance with the terms and conditions contained in the said sales contract. The supplier issued two invoices dated 2015-12-21 and 2015-12-31. Payment terms under the said invoices were 150 days from the date of bill of ladings dated 2015-12-17/2015-12-19. Since amounts under the said bills of lading were due for payment, the appellant sent an email dated 2016-05-03 to the contesting
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Hamera International Private Limited executed…
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The appeals concern two important questions arising under the Insolvency and Bankruptcy Code, 2016 (IBC). The first question is whether Section 9(3)(c) of the IBC, regarding the provision of a certificate from a financial institution confirming non-payment of an operational debt, is mandatory for operational debt claims. The second question is whether a demand notice for an unpaid operational debt can be issued by a lawyer on behalf of the operational creditor. The appellant, Macquarie Bank Limited, had entered into an agreement with Hamera International Private Limited, acquiring the original supplier's rights in a supply agreement with the respondent, Shilpi Cable Technologies Ltd. Disputes arose regarding payment for goods supplied, leading to the appellant issuing
…Hamera International Private Limited executed an agreement with Macquarie Bank Limited, Singapore, on 2015-07-27, by which the appellant purchased the original supplier's right, title and interest in a supply agreement in favor of the respondent, Shilpi Cable Technologies Ltd. The respondent entered into an agreement dated 2015-12-02 for supply of goods worth US$6,321,337.11 in accordance with the terms and conditions contained in the said sales contract. The supplier issued two invoices dated 2015-12-21 and 2015-12-31. Payment terms under the said invoices were 150 days from the date of bill of ladings dated 2015-12-17/2015-12-19. Since amounts under the said bills of lading were due for payment, the appellant sent an email dated 2016-05-03 to the contesting
…Hamera International Private Limited executed…
The respondent entered…