The case involves an application filed by Sanket Kumar Agarwal and Sanchit Kumar Agarwal (Financial Creditors) under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against APG Logistics Private Limited (Corporate Debtor). The Financial Creditors claimed default on a financial debt arising from a Share Purchase Agreement (SPA). The Corporate Debtor contested the application, primarily on the grounds of lack of pecuniary jurisdiction and disputing the existence of a 'financial debt'. The Financial Creditors had entered into a SPA with the promoters of the Corporate Debtor and other group companies, intending to acquire 100% shareholding. They infused funds into the Corporate Debtor, partly as share
…Sanket Kumar Agarwal and Sanchit Kumar Agarwal (Financial Creditors) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against APG Logistics Private Limited (Corporate Debtor). The Financial Creditors claimed a default on a financial debt. The Financial Creditors and the Corporate Debtor had entered into a Share Purchase Agreement (SPA) dated 22.03.2019, where the Financial Creditors intended to acquire 100% shareholding of the Corporate Debtor and other group companies. The total share purchase consideration was Rs.1,00,00,000/-. In addition to the share purchase consideration, an additional sum of Rs.1,50,00,000/- was to be infused into the Corporate Debtor to keep it as a
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Financial Creditors entered into a Share…
Rs.88,99,999/- was…
The case involves an application filed by Sanket Kumar Agarwal and Sanchit Kumar Agarwal (Financial Creditors) under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against APG Logistics Private Limited (Corporate Debtor). The Financial Creditors claimed default on a financial debt arising from a Share Purchase Agreement (SPA). The Corporate Debtor contested the application, primarily on the grounds of lack of pecuniary jurisdiction and disputing the existence of a 'financial debt'. The Financial Creditors had entered into a SPA with the promoters of the Corporate Debtor and other group companies, intending to acquire 100% shareholding. They infused funds into the Corporate Debtor, partly as share
…Sanket Kumar Agarwal and Sanchit Kumar Agarwal (Financial Creditors) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against APG Logistics Private Limited (Corporate Debtor). The Financial Creditors claimed a default on a financial debt. The Financial Creditors and the Corporate Debtor had entered into a Share Purchase Agreement (SPA) dated 22.03.2019, where the Financial Creditors intended to acquire 100% shareholding of the Corporate Debtor and other group companies. The total share purchase consideration was Rs.1,00,00,000/-. In addition to the share purchase consideration, an additional sum of Rs.1,50,00,000/- was to be infused into the Corporate Debtor to keep it as a
…Financial Creditors entered into a Share…
Rs.88,99,999/- was…