The case involves a petition filed by M/s. Glopore IM Services Private Limited ('Petitioner/Corporate Applicant') under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petitioner claims a total debt and default of Rs. 6,51,64,491/-. The petitioner, incorporated on 01.01.2001, provided IT solutions and services. The company faced cash flow problems from 2014 due to delayed payments from customers. One major customer, Pearson, transferred its service contract to IBM, which allegedly used Glopore IMS's employees without paying invoices on time. The promoter faced personal and
…M/s. Glopore IM Services Private Limited, incorporated on 01.01.2001, filed a petition under Section 10 of the IBC, 2016, seeking to initiate CIRP due to a debt and default of Rs. 6,51,64,491/-. The company, providing IT solutions, faced cash flow issues from 2014 due to delayed payments, particularly from Pearson, which transferred its service contract to IBM. IBM allegedly used Glopore IMS's employees without timely invoice payments. The promoter faced personal and professional challenges. The company's authorized share capital was Rs. 2,50,00,000/-, and its issued, subscribed, and paid-up capital was Rs. 2,48,41,500/-. The company achieved a turnover of around 15 Crores between 2001 and 2013. As of 31.03.2018, the company's liabilities totaled Rs. 73,874,092.00. The
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M/s. Glopore IM…
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The case involves a petition filed by M/s. Glopore IM Services Private Limited ('Petitioner/Corporate Applicant') under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petitioner claims a total debt and default of Rs. 6,51,64,491/-. The petitioner, incorporated on 01.01.2001, provided IT solutions and services. The company faced cash flow problems from 2014 due to delayed payments from customers. One major customer, Pearson, transferred its service contract to IBM, which allegedly used Glopore IMS's employees without paying invoices on time. The promoter faced personal and
…M/s. Glopore IM Services Private Limited, incorporated on 01.01.2001, filed a petition under Section 10 of the IBC, 2016, seeking to initiate CIRP due to a debt and default of Rs. 6,51,64,491/-. The company, providing IT solutions, faced cash flow issues from 2014 due to delayed payments, particularly from Pearson, which transferred its service contract to IBM. IBM allegedly used Glopore IMS's employees without timely invoice payments. The promoter faced personal and professional challenges. The company's authorized share capital was Rs. 2,50,00,000/-, and its issued, subscribed, and paid-up capital was Rs. 2,48,41,500/-. The company achieved a turnover of around 15 Crores between 2001 and 2013. As of 31.03.2018, the company's liabilities totaled Rs. 73,874,092.00. The
…M/s. Glopore IM…
The Petitioner/Corporate Applicant started…