UGRO Capital Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against A.ES Engineers Private Limited for an alleged default of Rs. 1,97,27,033 as of November 18, 2021. The Financial Creditor, UGRO Capital Limited, claimed that A.ES Engineers Private Limited defaulted on a Supply Chain Finance loan availed in terms of a Cash Credit Limit/Revolving Loan Facility. The Corporate Debtor contended that there was no direct financial debt from the Financial Creditor, and the transactions were facilitated through Kiran Udyog Private Ltd (KUPL) under a Master Service Agreement (MSA). The Corporate Debtor also argued that the application was barred under Section 10-A of the IBC

UGRO Capital Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against A.ES Engineers Private Limited for an alleged default of Rs. 1,97,27,033 as of November 18, 2021. The Financial Creditor, UGRO Capital Limited, claimed that A.ES Engineers Private Limited defaulted on a Supply Chain Finance loan availed in terms of a Cash Credit Limit/Revolving Loan Facility. The Corporate Debtor contended that there was no direct financial debt from the Financial Creditor, and the transactions were facilitated through Kiran Udyog Private Ltd (KUPL) under a Master Service Agreement (MSA). The Corporate Debtor also argued that the application was barred under Section 10-A of the IBC