Marine Geology Services LLP, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against GEO API Solutions Private Limited, the Corporate Debtor. The Operational Creditor and Corporate Debtor entered into an agreement on 03.02.2017 for 3D seismic data acquisition and field processing in Myanmar. The Operational Creditor completed the work, and a Completion Certificate was executed on 11.05.2018. Subsequently, a Settlement Agreement was entered on 02.11.2018, where the Corporate Debtor agreed to pay 1.25 million USD. The Corporate Debtor made a partial payment of 150,000 USD on 20.09.2019 but failed to pay the balance, leading to the CIRP application.
Marine Geology Services LLP (Operational Creditor) and GEO API Solutions Private Limited (Corporate Debtor) entered into an agreement dated 03.02.2017 for 3D seismic data acquisition and field processing in Myanmar. The project was undertaken for Bashneft International B.V., with Asian Oilfield Services Limited as the main contractor and GEO API as the sub-contractor. The total amount payable to the Operational Creditor was 2.5 Million USD. A Completion Certificate was executed on 11.05.2018, stating that all deliverables were transferred and there were no claims or complaints. However, instead of 3D seismic data acquisition, only a 2D field seismic program was undertaken. A Settlement Agreement was entered on 02.11.2018, reducing the amount to 1.25 Million USD,
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Operational Creditor and Corporate Debtor…
Completion Certificate executed, stating all…
Marine Geology Services LLP, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against GEO API Solutions Private Limited, the Corporate Debtor. The Operational Creditor and Corporate Debtor entered into an agreement on 03.02.2017 for 3D seismic data acquisition and field processing in Myanmar. The Operational Creditor completed the work, and a Completion Certificate was executed on 11.05.2018. Subsequently, a Settlement Agreement was entered on 02.11.2018, where the Corporate Debtor agreed to pay 1.25 million USD. The Corporate Debtor made a partial payment of 150,000 USD on 20.09.2019 but failed to pay the balance, leading to the CIRP application.
Marine Geology Services LLP (Operational Creditor) and GEO API Solutions Private Limited (Corporate Debtor) entered into an agreement dated 03.02.2017 for 3D seismic data acquisition and field processing in Myanmar. The project was undertaken for Bashneft International B.V., with Asian Oilfield Services Limited as the main contractor and GEO API as the sub-contractor. The total amount payable to the Operational Creditor was 2.5 Million USD. A Completion Certificate was executed on 11.05.2018, stating that all deliverables were transferred and there were no claims or complaints. However, instead of 3D seismic data acquisition, only a 2D field seismic program was undertaken. A Settlement Agreement was entered on 02.11.2018, reducing the amount to 1.25 Million USD,
…Operational Creditor and Corporate Debtor…
Completion Certificate executed, stating all…