Ada Cellworks Wireless Engineering Pvt. Ltd., an operational creditor, filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Global Towers Ltd., the corporate debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The claim was for an outstanding operational debt of ₹2.94 Crores as of 31.07.2018, arising from an advance payment made against a purchase order for IBS material. The operational creditor had entered into an oral agreement with its clients for Inbuilding Station (IBS Material) and based upon the discussions, the Operational Creditor had issued a purchase order for the supply of IBS material. The Corporate Debtor agreed to supply the IBS Material as per Operational Creditor requirement. As per business practice,
…Ada Cellworks Wireless Engineering Pvt. Ltd. (Operational Creditor) claimed ₹2.94 Crores from Global Towers Ltd. (Corporate Debtor) as of 31.07.2018. The debt originated from an advance payment made by Ada Cellworks against a purchase order (GPAL/0001/12-13 dated 06.11.2012) for IBS material. Ada Cellworks paid 75% of the order value, totaling ₹2.94 Crores, by 30.11.2013. Global Towers acknowledged receipt on 29.11.2012. However, Ada Cellworks cancelled the purchase order on 20.12.2012 due to market conditions and requested a refund. Global Towers requested 48 months to repay, later negotiated to 30 months, with a final agreement to pay by March 2017. Global Towers failed to repay. Ada Cellworks issued a demand notice on 28.05.2018, received by Global Towers on
…Sign in to view the parties.
Operational Creditor raised Purchase Order No.…
Operational Creditor made 75% of the advance…
Ada Cellworks Wireless Engineering Pvt. Ltd., an operational creditor, filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Global Towers Ltd., the corporate debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The claim was for an outstanding operational debt of ₹2.94 Crores as of 31.07.2018, arising from an advance payment made against a purchase order for IBS material. The operational creditor had entered into an oral agreement with its clients for Inbuilding Station (IBS Material) and based upon the discussions, the Operational Creditor had issued a purchase order for the supply of IBS material. The Corporate Debtor agreed to supply the IBS Material as per Operational Creditor requirement. As per business practice,
…Ada Cellworks Wireless Engineering Pvt. Ltd. (Operational Creditor) claimed ₹2.94 Crores from Global Towers Ltd. (Corporate Debtor) as of 31.07.2018. The debt originated from an advance payment made by Ada Cellworks against a purchase order (GPAL/0001/12-13 dated 06.11.2012) for IBS material. Ada Cellworks paid 75% of the order value, totaling ₹2.94 Crores, by 30.11.2013. Global Towers acknowledged receipt on 29.11.2012. However, Ada Cellworks cancelled the purchase order on 20.12.2012 due to market conditions and requested a refund. Global Towers requested 48 months to repay, later negotiated to 30 months, with a final agreement to pay by March 2017. Global Towers failed to repay. Ada Cellworks issued a demand notice on 28.05.2018, received by Global Towers on
…Operational Creditor raised Purchase Order No.…
Operational Creditor made 75% of the advance…