The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by Acquisory Consulting LLP, an Operational Creditor, against BCC Infrastructure Pvt. Ltd., the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an operational debt of Rs. 5.75 crores, arising from services provided in raising funds for the Corporate Debtor. The Corporate Debtor contested the claim, arguing that the Operational Creditor did not provide the services, and that the debt was not an operational debt as contemplated under the IBC. The Corporate Debtor also raised objections regarding the validity of the demand notices issued by the Operational Creditor.
Acquisory Consulting LLP (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against BCC Infrastructure Pvt. Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an operational debt of Rs. 5.75 crores, arising from services provided in raising funds of Rs. 250 crores for the Corporate Debtor from Edelweiss/ECL Finance Ltd. The Operational Creditor stated that a success fee equal to 2% of the transaction (Rs. 250 crores) was payable at the time of disbursement of the loan. The Corporate Debtor argued that the services were provided by Edelweiss Securities Ltd., not the Operational Creditor. The Corporate Debtor also contended that the demand notices
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Corporate Debtor…
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The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by Acquisory Consulting LLP, an Operational Creditor, against BCC Infrastructure Pvt. Ltd., the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an operational debt of Rs. 5.75 crores, arising from services provided in raising funds for the Corporate Debtor. The Corporate Debtor contested the claim, arguing that the Operational Creditor did not provide the services, and that the debt was not an operational debt as contemplated under the IBC. The Corporate Debtor also raised objections regarding the validity of the demand notices issued by the Operational Creditor.
Acquisory Consulting LLP (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against BCC Infrastructure Pvt. Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an operational debt of Rs. 5.75 crores, arising from services provided in raising funds of Rs. 250 crores for the Corporate Debtor from Edelweiss/ECL Finance Ltd. The Operational Creditor stated that a success fee equal to 2% of the transaction (Rs. 250 crores) was payable at the time of disbursement of the loan. The Corporate Debtor argued that the services were provided by Edelweiss Securities Ltd., not the Operational Creditor. The Corporate Debtor also contended that the demand notices
…Corporate Debtor…
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