M/s. Allegis Services (India) Pvt. Ltd. filed C.P.(IB)No.177/BB/2020 under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Cryptograph Technologies Private Limited, alleging a default of Rs. 43,12,975/- including interest at 18%. The Operational Creditor and Corporate Debtor entered into an agreement on 01.12.2014 for certain services, which was in force until 30.11.2015. Subsequently, another agreement was entered into on 14.03.2016, valid until 13.03.2018. Despite pending invoices, the Operational Creditor continued providing services. The Corporate Debtor acknowledged its debt and made partial payments of Rs. 12,74,840/- but failed to clear the entire liability. The Operational Creditor issued a Demand
…M/s. Allegis Services (India) Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against M/s. Cryptograph Technologies Private Limited (Corporate Debtor) due to a default of Rs. 43,12,975/- including interest. The Operational Creditor and Corporate Debtor had entered into a service agreement on 01.12.2014, which was valid until 30.11.2015. A subsequent agreement was executed on 14.03.2016, valid until 13.03.2018. Despite pending invoices, the Operational Creditor continued providing services based on assurances of repayment. The Corporate Debtor acknowledged the debt and made partial payments of Rs. 12,74,840/-, but failed to clear the entire outstanding amount. The Operational Creditor issued a Demand
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Operational Creditor…
The first agreement…
M/s. Allegis Services (India) Pvt. Ltd. filed C.P.(IB)No.177/BB/2020 under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Cryptograph Technologies Private Limited, alleging a default of Rs. 43,12,975/- including interest at 18%. The Operational Creditor and Corporate Debtor entered into an agreement on 01.12.2014 for certain services, which was in force until 30.11.2015. Subsequently, another agreement was entered into on 14.03.2016, valid until 13.03.2018. Despite pending invoices, the Operational Creditor continued providing services. The Corporate Debtor acknowledged its debt and made partial payments of Rs. 12,74,840/- but failed to clear the entire liability. The Operational Creditor issued a Demand
…M/s. Allegis Services (India) Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against M/s. Cryptograph Technologies Private Limited (Corporate Debtor) due to a default of Rs. 43,12,975/- including interest. The Operational Creditor and Corporate Debtor had entered into a service agreement on 01.12.2014, which was valid until 30.11.2015. A subsequent agreement was executed on 14.03.2016, valid until 13.03.2018. Despite pending invoices, the Operational Creditor continued providing services based on assurances of repayment. The Corporate Debtor acknowledged the debt and made partial payments of Rs. 12,74,840/-, but failed to clear the entire outstanding amount. The Operational Creditor issued a Demand
…Operational Creditor…
The first agreement…