The case involves an application filed by Badjate Stock & Shares Pvt. Ltd., the operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Snowblue Trexim Pvt. Ltd., the corporate debtor. The operational creditor claims that the corporate debtor defaulted in making payments of Rs. 4,72,45,685.13, including interest as of June 2017. The corporate debtor contended that there was a pre-existing dispute and that arbitration proceedings were pending, making the petition not maintainable.
Badjate Stock & Shares Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Snowblue Trexim Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed a default of Rs. 4,72,45,685.13, including interest as of June 2017. The Operational Creditor provided stock broking and other financial services to the Corporate Debtor. A demand notice was issued on June 15, 2017, and served on June 28, 2017. The Corporate Debtor contended that a pre-existing dispute existed and that arbitration proceedings were pending before the IGRP and NSE. The Corporate Debtor argued that the Operational Creditor violated SEBI guidelines and NSE regulations. The
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The petitioner issued a demand notice of unpaid…
The demand notice was…
The case involves an application filed by Badjate Stock & Shares Pvt. Ltd., the operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Snowblue Trexim Pvt. Ltd., the corporate debtor. The operational creditor claims that the corporate debtor defaulted in making payments of Rs. 4,72,45,685.13, including interest as of June 2017. The corporate debtor contended that there was a pre-existing dispute and that arbitration proceedings were pending, making the petition not maintainable.
Badjate Stock & Shares Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Snowblue Trexim Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed a default of Rs. 4,72,45,685.13, including interest as of June 2017. The Operational Creditor provided stock broking and other financial services to the Corporate Debtor. A demand notice was issued on June 15, 2017, and served on June 28, 2017. The Corporate Debtor contended that a pre-existing dispute existed and that arbitration proceedings were pending before the IGRP and NSE. The Corporate Debtor argued that the Operational Creditor violated SEBI guidelines and NSE regulations. The
…The petitioner issued a demand notice of unpaid…
The demand notice was…