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, against APG Logistics Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditors claimed a default based on a Share Purchase Agreement (SPA) where they infused funds into the Corporate Debtor. The Corporate Debtor opposed the application, arguing lack of pecuniary jurisdiction and disputing the existence of a 'financial debt'. The Corporate Debtor also filed IA(IBC)/256(CHE)/2022 challenging the maintainability of the application.
Sanket Kumar Agarwal and Sanchit Kumar Agarwal (Financial Creditors) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against APG Logistics Private Limited (Corporate Debtor). The Financial Creditors claimed that they had entered into a Share Purchase Agreement (SPA) with the Corporate Debtor's promoters to acquire 100% shareholding in the Group Companies. As per the SPA, the Financial Creditors were required to infuse Rs.1,00,00,000/- for share purchase and Rs.1,50,00,000/- to keep the company as a going concern. The Financial Creditors infused Rs.88,99,999/- into the Corporate Debtor. The Corporate Debtor later failed to sign an amendment agreement and undertook to repay the infused capital. The Corporate Debtor acknowledged the
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Financial Creditors entered into a Share…
Financial Creditors infused Rs.88,99,999/-…
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, against APG Logistics Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditors claimed a default based on a Share Purchase Agreement (SPA) where they infused funds into the Corporate Debtor. The Corporate Debtor opposed the application, arguing lack of pecuniary jurisdiction and disputing the existence of a 'financial debt'. The Corporate Debtor also filed IA(IBC)/256(CHE)/2022 challenging the maintainability of the application.
Sanket Kumar Agarwal and Sanchit Kumar Agarwal (Financial Creditors) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against APG Logistics Private Limited (Corporate Debtor). The Financial Creditors claimed that they had entered into a Share Purchase Agreement (SPA) with the Corporate Debtor's promoters to acquire 100% shareholding in the Group Companies. As per the SPA, the Financial Creditors were required to infuse Rs.1,00,00,000/- for share purchase and Rs.1,50,00,000/- to keep the company as a going concern. The Financial Creditors infused Rs.88,99,999/- into the Corporate Debtor. The Corporate Debtor later failed to sign an amendment agreement and undertook to repay the infused capital. The Corporate Debtor acknowledged the
…Financial Creditors entered into a Share…
Financial Creditors infused Rs.88,99,999/-…