The case involves an application filed by Topsgrup Services Ltd., an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against BLS IT-Services Pvt. Ltd., the corporate debtor. The operational creditor claimed outstanding dues for providing guarding services. The corporate debtor disputed the debt, citing breaches of contract by the operational creditor and penalties for non-availability of guards. The corporate debtor argued that the operational creditor failed to provide services during the notice period and sought reconciliation of accounts.
Topsgrup Services Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against BLS IT-Services Pvt. Ltd. (Corporate Debtor) for outstanding dues related to guarding services. A purchase order was issued on 14.06.2016 for deployment of guards at Sewa Kendras. The term of service was initially 5 years subject to renewal after one year. The Operational Creditor issued invoices from May 2017 to September 2017, but some remained unpaid, totaling Rs. 1,76,03,022. The Corporate Debtor acknowledged the debt but claimed deductions for penalties due to non-availability of guards and breach of contract. The Corporate Debtor relied on an unexecuted agreement for imposing penalties and stated that the Operational Creditor
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BLS IT-Servic…
A common purchase order bearing order no. 21 was…
The case involves an application filed by Topsgrup Services Ltd., an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against BLS IT-Services Pvt. Ltd., the corporate debtor. The operational creditor claimed outstanding dues for providing guarding services. The corporate debtor disputed the debt, citing breaches of contract by the operational creditor and penalties for non-availability of guards. The corporate debtor argued that the operational creditor failed to provide services during the notice period and sought reconciliation of accounts.
Topsgrup Services Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against BLS IT-Services Pvt. Ltd. (Corporate Debtor) for outstanding dues related to guarding services. A purchase order was issued on 14.06.2016 for deployment of guards at Sewa Kendras. The term of service was initially 5 years subject to renewal after one year. The Operational Creditor issued invoices from May 2017 to September 2017, but some remained unpaid, totaling Rs. 1,76,03,022. The Corporate Debtor acknowledged the debt but claimed deductions for penalties due to non-availability of guards and breach of contract. The Corporate Debtor relied on an unexecuted agreement for imposing penalties and stated that the Operational Creditor
…BLS IT-Servic…
A common purchase order bearing order no. 21 was…