The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by GTL Limited, an Operational Creditor, against Acasia Tele Services Private Limited, the Corporate Debtor, for default in payment of an operational debt. The Operational Creditor claimed a total default amount of Rs. 97,15,41,848. The debt arose from trade receivables from Lenity Trading Private Limited, Lexical Trading Private Limited, and Tele Solutions Private Limited, which had merged with the Debtor. The Operational Creditor and Corporate Debtor had entered into negotiations, and the Operational Creditor had advanced 75-80% of the purchase order amount to enable the Corporate Debtor to start procurement. However, due to certain issues, the Operational Creditor
…GTL Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Acasia Tele Services Private Limited, the Corporate Debtor, due to a default of Rs. 97,15,41,848. The debt originated from trade receivables from Lenity Trading Private Limited (Rs. 43,43,42,273), Lexical Trading Private Limited (Rs. 37,51,66,612), and Tele Solutions Private Limited (Rs. 16,20,32,963), all of which had merged with the Corporate Debtor. The High Court approved the merger via Company Scheme Petition No. 463-465 of 2014 dated 07.11.2014. The Operational Creditor had advanced 75-80% of the purchase order value to the Corporate Debtor to facilitate procurement. However, the Operational Creditor later cancelled the purchase orders
…Sign in to view the parties.
Operational Creditor informed the Debtor…
Operational Creditor served a Legal Notice…
The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by GTL Limited, an Operational Creditor, against Acasia Tele Services Private Limited, the Corporate Debtor, for default in payment of an operational debt. The Operational Creditor claimed a total default amount of Rs. 97,15,41,848. The debt arose from trade receivables from Lenity Trading Private Limited, Lexical Trading Private Limited, and Tele Solutions Private Limited, which had merged with the Debtor. The Operational Creditor and Corporate Debtor had entered into negotiations, and the Operational Creditor had advanced 75-80% of the purchase order amount to enable the Corporate Debtor to start procurement. However, due to certain issues, the Operational Creditor
…GTL Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Acasia Tele Services Private Limited, the Corporate Debtor, due to a default of Rs. 97,15,41,848. The debt originated from trade receivables from Lenity Trading Private Limited (Rs. 43,43,42,273), Lexical Trading Private Limited (Rs. 37,51,66,612), and Tele Solutions Private Limited (Rs. 16,20,32,963), all of which had merged with the Corporate Debtor. The High Court approved the merger via Company Scheme Petition No. 463-465 of 2014 dated 07.11.2014. The Operational Creditor had advanced 75-80% of the purchase order value to the Corporate Debtor to facilitate procurement. However, the Operational Creditor later cancelled the purchase orders
…Operational Creditor informed the Debtor…
Operational Creditor served a Legal Notice…