The case involves an IB Petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Hangji Global Limited (Operational Creditor) against Globcon Commercial Services Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor allegedly defaulted on a payment of USD 1,00,000/- as principal amount as on 27.08.2017, along with interest. The Operational Creditor provided advisory services to the Corporate Debtor based on an agreement dated 21.08.2017. The Corporate Debtor admitted to availing the services but cited financial stress as the reason for non-payment.
Hangji Global Limited (Operational Creditor) filed an IB Petition against Globcon Commercial Services Private Limited (Corporate Debtor) under Section 9 of the IBC. The Corporate Debtor engaged the Operational Creditor for evaluation services of coal and iron ore mines. An agreement for Project Advisory Services was entered on 21.08.2017. The Operational Creditor raised an invoice dated 27.08.2017 for USD 1,00,000, with payment due within 60 days (i.e., by 23.10.2017). The Corporate Debtor failed to make the payment. The Operational Creditor sent various correspondences requesting payment. The Corporate Debtor admitted its debt liability and sought extensions of time. A demand notice was served on 17.06.2019. The Corporate Debtor admitted to availing the services but
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Globcon Commercial…
The Corporate Debtor entered into an agreement…
The case involves an IB Petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Hangji Global Limited (Operational Creditor) against Globcon Commercial Services Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor allegedly defaulted on a payment of USD 1,00,000/- as principal amount as on 27.08.2017, along with interest. The Operational Creditor provided advisory services to the Corporate Debtor based on an agreement dated 21.08.2017. The Corporate Debtor admitted to availing the services but cited financial stress as the reason for non-payment.
Hangji Global Limited (Operational Creditor) filed an IB Petition against Globcon Commercial Services Private Limited (Corporate Debtor) under Section 9 of the IBC. The Corporate Debtor engaged the Operational Creditor for evaluation services of coal and iron ore mines. An agreement for Project Advisory Services was entered on 21.08.2017. The Operational Creditor raised an invoice dated 27.08.2017 for USD 1,00,000, with payment due within 60 days (i.e., by 23.10.2017). The Corporate Debtor failed to make the payment. The Operational Creditor sent various correspondences requesting payment. The Corporate Debtor admitted its debt liability and sought extensions of time. A demand notice was served on 17.06.2019. The Corporate Debtor admitted to availing the services but
…Globcon Commercial…
The Corporate Debtor entered into an agreement…