The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Acasia Tele Services Private Limited (Operational Creditor) against Auspice Trading Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to Rs. 35,89,67,296/-. The Operational Creditor had entered into negotiations with the Corporate Debtor, providing advances against purchase orders to facilitate procurement. However, due to the cancellation of the project of the Applicant's Client, the transaction fell apart, and the Corporate Debtor failed to return the advances despite repeated demands.
Acasia Tele Services Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Auspice Trading Private Limited (Corporate Debtor) for defaulting on an operational debt of Rs. 35,89,67,296/-. The Operational Creditor and Corporate Debtor had an agreement where the Corporate Debtor was to supply infrastructure material for telecom towers. The Operational Creditor gave advances to the Corporate Debtor to start procurement. The total amount in default is Rs. 35,89,67,296. The Operational Creditor informed the Corporate Debtor that all orders were cancelled due to changes in DoT rules and regulations, demanding a refund of the outstanding advance. The Corporate Debtor requested two months' time for
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M/s Acasia Tele Services Private Limited…
The Applicant informed Auspice Trading…
The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Acasia Tele Services Private Limited (Operational Creditor) against Auspice Trading Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to Rs. 35,89,67,296/-. The Operational Creditor had entered into negotiations with the Corporate Debtor, providing advances against purchase orders to facilitate procurement. However, due to the cancellation of the project of the Applicant's Client, the transaction fell apart, and the Corporate Debtor failed to return the advances despite repeated demands.
Acasia Tele Services Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Auspice Trading Private Limited (Corporate Debtor) for defaulting on an operational debt of Rs. 35,89,67,296/-. The Operational Creditor and Corporate Debtor had an agreement where the Corporate Debtor was to supply infrastructure material for telecom towers. The Operational Creditor gave advances to the Corporate Debtor to start procurement. The total amount in default is Rs. 35,89,67,296. The Operational Creditor informed the Corporate Debtor that all orders were cancelled due to changes in DoT rules and regulations, demanding a refund of the outstanding advance. The Corporate Debtor requested two months' time for
…M/s Acasia Tele Services Private Limited…
The Applicant informed Auspice Trading…