The case involves an application filed by Phoenix Global DMCC (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, against A&A International Trading Private Limited (Corporate Debtor). The Operational Creditor claimed an outstanding debt of USD 445416, which fell due on 03.02.2016, with the default occurring on 07.07.2015. The Corporate Debtor raised objections regarding the quality of goods, foreign exchange loss, and storage loss, claiming these issues were raised in response to the demand notice. The Operational Creditor argued that these objections were an afterthought and disregarded the terms of the sale and purchase contract.
Phoenix Global DMCC (Operational Creditor) filed an application against A&A International Trading Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming an outstanding debt of USD 445416. The debt fell due on 03.02.2016, with the default occurring on 07.07.2015. The Operational Creditor sent a demand notice on 05.04.2017, which was acknowledged by the Corporate Debtor. The Corporate Debtor replied on 13.04.2017, raising issues regarding the quality of goods, foreign exchange loss, and storage loss. The Corporate Debtor had accepted the consignment at the port of discharge, certified by an independent agency. The Corporate Debtor claimed the sulphur content was higher than specified in the agreement. The Corporate
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Sale Purchase Agreement dated 02.03.2015…
The date on wh…
The case involves an application filed by Phoenix Global DMCC (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, against A&A International Trading Private Limited (Corporate Debtor). The Operational Creditor claimed an outstanding debt of USD 445416, which fell due on 03.02.2016, with the default occurring on 07.07.2015. The Corporate Debtor raised objections regarding the quality of goods, foreign exchange loss, and storage loss, claiming these issues were raised in response to the demand notice. The Operational Creditor argued that these objections were an afterthought and disregarded the terms of the sale and purchase contract.
Phoenix Global DMCC (Operational Creditor) filed an application against A&A International Trading Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming an outstanding debt of USD 445416. The debt fell due on 03.02.2016, with the default occurring on 07.07.2015. The Operational Creditor sent a demand notice on 05.04.2017, which was acknowledged by the Corporate Debtor. The Corporate Debtor replied on 13.04.2017, raising issues regarding the quality of goods, foreign exchange loss, and storage loss. The Corporate Debtor had accepted the consignment at the port of discharge, certified by an independent agency. The Corporate Debtor claimed the sulphur content was higher than specified in the agreement. The Corporate
…Sale Purchase Agreement dated 02.03.2015…
The date on wh…