The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by Apurva Jain and 10 others (Financial Creditors) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Adaptio Facility Management Private Limited (Corporate Debtor). The Financial Creditors had advanced a total sum of Rs.1,08,83,596.95 to the Corporate Debtor through an online bill discounting portal called 'KredX', operated by 'Minions Ventures Pvt. Ltd'. The Corporate Debtor defaulted on repayment, and the cheques issued for restitution were dishonored. The Financial Creditors submitted documents including a Bank Confirmation Agreement, Seller Services Agreement, invoices, Agreements for Transfer of Rights, and a 'Record of
…Apurva Jain and 10 others, acting as Financial Creditors, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Adaptio Facility Management Private Limited, the Corporate Debtor. The Financial Creditors cumulatively advanced Rs. 1,08,83,596.95 to the Corporate Debtor through an online bill discounting portal called 'KredX', operated by Minions Ventures Pvt. Ltd. This arrangement was governed by Agreements for Transfer of Rights. The Corporate Debtor provided goods and services to an enterprise and raised invoices for invoice discounting. The Creditors paid a discounted value to the Corporate Debtor, expecting returns when the enterprise paid the full invoice value. The
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The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by Apurva Jain and 10 others (Financial Creditors) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Adaptio Facility Management Private Limited (Corporate Debtor). The Financial Creditors had advanced a total sum of Rs.1,08,83,596.95 to the Corporate Debtor through an online bill discounting portal called 'KredX', operated by 'Minions Ventures Pvt. Ltd'. The Corporate Debtor defaulted on repayment, and the cheques issued for restitution were dishonored. The Financial Creditors submitted documents including a Bank Confirmation Agreement, Seller Services Agreement, invoices, Agreements for Transfer of Rights, and a 'Record of
…Apurva Jain and 10 others, acting as Financial Creditors, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Adaptio Facility Management Private Limited, the Corporate Debtor. The Financial Creditors cumulatively advanced Rs. 1,08,83,596.95 to the Corporate Debtor through an online bill discounting portal called 'KredX', operated by Minions Ventures Pvt. Ltd. This arrangement was governed by Agreements for Transfer of Rights. The Corporate Debtor provided goods and services to an enterprise and raised invoices for invoice discounting. The Creditors paid a discounted value to the Corporate Debtor, expecting returns when the enterprise paid the full invoice value. The
…Order pronounced admitting the application…
Date on which the…