Akaal Enterprises Private Limited (the Petitioner) filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against AGS Management Services Private Limited (the Respondent) for defaulting on a debt. The debt arose from a Service Agreement dated 28.03.2017, where the Petitioner provided ATM caretaking services to the Respondent. The Respondent failed to pay the total claim amount of Rs 65,09,813 plus interest. Previously, the Petitioner had withdrawn a similar petition based on a settlement agreement where the Respondent agreed to pay the dues in installments. However, the Respondent defaulted on the settlement terms, leading to the current petition.
Akaal Enterprises Private Limited (Petitioner) and AGS Management Services Private Limited (Respondent) entered into a Service Agreement on 2017-03-28 for ATM caretaking services. The Respondent defaulted on payments amounting to Rs 65,09,813 plus interest for services rendered between 2017-07-17 and 2018-03-31. A previous petition under Section 9 of IBC was withdrawn based on a settlement where the Respondent agreed to pay in installments. The Respondent failed to adhere to the settlement terms. The Petitioner then filed the current petition. The Respondent claimed to have paid the amount in cash to the Director of the Petitioner company, Mr. Harjeet Singh Sethi, and submitted that the Petitioner did not issue a fresh demand notice. The Respondent also contested the
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Akaal Enterprises Private Limited (the Petitioner) filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against AGS Management Services Private Limited (the Respondent) for defaulting on a debt. The debt arose from a Service Agreement dated 28.03.2017, where the Petitioner provided ATM caretaking services to the Respondent. The Respondent failed to pay the total claim amount of Rs 65,09,813 plus interest. Previously, the Petitioner had withdrawn a similar petition based on a settlement agreement where the Respondent agreed to pay the dues in installments. However, the Respondent defaulted on the settlement terms, leading to the current petition.
Akaal Enterprises Private Limited (Petitioner) and AGS Management Services Private Limited (Respondent) entered into a Service Agreement on 2017-03-28 for ATM caretaking services. The Respondent defaulted on payments amounting to Rs 65,09,813 plus interest for services rendered between 2017-07-17 and 2018-03-31. A previous petition under Section 9 of IBC was withdrawn based on a settlement where the Respondent agreed to pay in installments. The Respondent failed to adhere to the settlement terms. The Petitioner then filed the current petition. The Respondent claimed to have paid the amount in cash to the Director of the Petitioner company, Mr. Harjeet Singh Sethi, and submitted that the Petitioner did not issue a fresh demand notice. The Respondent also contested the
…Service Agreement entered into between…
Start date of the…