IBM India Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Global Infonet Distribution Private Limited, referred to as the corporate debtor. The application was based on a Wholesale Financial-Credit Agreement dated March 19, 2014, between IBM India and Global Infonet. IBM India claimed that Global Infonet defaulted on payments, leading to a financial debt of INR 10,08,62,246.33/-. Earlier, a similar application was withdrawn based on consent terms, but Global Infonet allegedly breached these terms.
IBM India Private Limited (the applicant/financial creditor) and Global Infonet Distribution Private Limited (the respondent/corporate debtor) entered into a Wholesale Financial-Credit Agreement on March 19, 2014. Under this agreement, IBM India financed Global Infonet's purchase of information technology products. Global Infonet defaulted on payments, leading to a financial debt. IBM India filed an earlier application under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was later withdrawn based on consent terms agreed upon by both parties in July 2018. The consent terms stipulated that Global Infonet would provide a payment plan or a one-time settlement amount by February 15, 2019. Global Infonet failed to adhere to the consent terms, leading to a
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IBM India and Global…
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IBM India Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Global Infonet Distribution Private Limited, referred to as the corporate debtor. The application was based on a Wholesale Financial-Credit Agreement dated March 19, 2014, between IBM India and Global Infonet. IBM India claimed that Global Infonet defaulted on payments, leading to a financial debt of INR 10,08,62,246.33/-. Earlier, a similar application was withdrawn based on consent terms, but Global Infonet allegedly breached these terms.
IBM India Private Limited (the applicant/financial creditor) and Global Infonet Distribution Private Limited (the respondent/corporate debtor) entered into a Wholesale Financial-Credit Agreement on March 19, 2014. Under this agreement, IBM India financed Global Infonet's purchase of information technology products. Global Infonet defaulted on payments, leading to a financial debt. IBM India filed an earlier application under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was later withdrawn based on consent terms agreed upon by both parties in July 2018. The consent terms stipulated that Global Infonet would provide a payment plan or a one-time settlement amount by February 15, 2019. Global Infonet failed to adhere to the consent terms, leading to a
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