BSE Limited, an operational creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Novagold Petro-Resources Ltd., the corporate debtor. The claim arose from unpaid Annual Listing Fees (ALF) as per a Listing Agreement dated 05.05.1996. The petitioner contended that the corporate debtor failed to pay the ALF despite repeated invoices and demand notices.
BSE Limited (formerly Bombay Stock Exchange Ltd.) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Novagold Petro-Resources Limited, seeking to initiate CIRP due to unpaid Annual Listing Fees (ALF). A Listing Agreement dated 05.05.1996, obligated Novagold to pay ALF to BSE. BSE claimed that Novagold failed to pay ALF after 2013-2014, resulting in a total operational debt of Rs. 11,43,469/- (including principal and interest). BSE sent a demand notice on 28.09.2018, which was returned undelivered. The last payment received from Novagold was on 18.06.2013, for the financial year 2013-2014. The petition was filed on 05.04.2019. The agreement lacked proper signatures and seals, and some pages were blank. The debt was stated to have
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Listing Agreement executed between BSE (then…
BSE received the last payment of Rs.…
BSE Limited, an operational creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Novagold Petro-Resources Ltd., the corporate debtor. The claim arose from unpaid Annual Listing Fees (ALF) as per a Listing Agreement dated 05.05.1996. The petitioner contended that the corporate debtor failed to pay the ALF despite repeated invoices and demand notices.
BSE Limited (formerly Bombay Stock Exchange Ltd.) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Novagold Petro-Resources Limited, seeking to initiate CIRP due to unpaid Annual Listing Fees (ALF). A Listing Agreement dated 05.05.1996, obligated Novagold to pay ALF to BSE. BSE claimed that Novagold failed to pay ALF after 2013-2014, resulting in a total operational debt of Rs. 11,43,469/- (including principal and interest). BSE sent a demand notice on 28.09.2018, which was returned undelivered. The last payment received from Novagold was on 18.06.2013, for the financial year 2013-2014. The petition was filed on 05.04.2019. The agreement lacked proper signatures and seals, and some pages were blank. The debt was stated to have
…Listing Agreement executed between BSE (then…
BSE received the last payment of Rs.…