The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s. Auspice Trading Private Limited (Operational Creditor) against M/s. Global Prosery Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP) due to an alleged default in payment of an operational debt. The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to ₹9,02,01,328/-. The Operational Creditor had supplied materials to the Corporate Debtor, and disputes arose regarding the placed order, leading to the cancellation of the order. Subsequently, the Corporate Debtor proposed a Share Purchase Agreement, which the Operational Creditor accepted, purchasing shares amounting to ₹7,10,00,000/-.
…M/s. Auspice Trading Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Global Prosery Limited (Corporate Debtor) for defaulting on an operational debt of ₹9,02,01,328/-. The Corporate Debtor was engaged in the supply of materials for telecom towers. The Operational Creditor had paid an advance of ₹16,83,61,328/- for business purchases. Due to issues between the Operational Creditor and its clients, the placed order was cancelled on 2013-11-19. The Debtor repaid ₹71,60,000/-. The Debtor proposed a Share Purchase Agreement on 2015-12-18, and the Operational Creditor purchased shares of M/s. European Projects & Avaition Limited for ₹7,10,00,000/-. The Debtor agreed to pay the remaining
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Operational Creditor…
Debtor proposed to…
The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s. Auspice Trading Private Limited (Operational Creditor) against M/s. Global Prosery Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP) due to an alleged default in payment of an operational debt. The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to ₹9,02,01,328/-. The Operational Creditor had supplied materials to the Corporate Debtor, and disputes arose regarding the placed order, leading to the cancellation of the order. Subsequently, the Corporate Debtor proposed a Share Purchase Agreement, which the Operational Creditor accepted, purchasing shares amounting to ₹7,10,00,000/-.
…M/s. Auspice Trading Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Global Prosery Limited (Corporate Debtor) for defaulting on an operational debt of ₹9,02,01,328/-. The Corporate Debtor was engaged in the supply of materials for telecom towers. The Operational Creditor had paid an advance of ₹16,83,61,328/- for business purchases. Due to issues between the Operational Creditor and its clients, the placed order was cancelled on 2013-11-19. The Debtor repaid ₹71,60,000/-. The Debtor proposed a Share Purchase Agreement on 2015-12-18, and the Operational Creditor purchased shares of M/s. European Projects & Avaition Limited for ₹7,10,00,000/-. The Debtor agreed to pay the remaining
…Operational Creditor…
Debtor proposed to…