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 both parties executed a Completion Certificate on 11.05.2018. Subsequently, a Settlement Agreement was entered into on 02.11.2018, where the Corporate Debtor agreed to pay 1.25 million USD within one month. The Corporate Debtor made a partial payment of 150,000 USD on 20.09.2019 but failed to pay the balance of 1.10
…Marine Geology Services LLP (Operational Creditor) and GEO API Solutions Private Limited (Corporate Debtor) entered into an agreement on 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. The Operational Creditor completed the work, and both parties executed a Completion Certificate on 11.05.2018, acknowledging satisfactory completion without any claims. Due to protests, the 3D survey was converted to a 2D survey. On 02.11.2018, a Settlement Agreement was executed, reducing the total payable amount from 2.5 million USD to 1.25 million USD, payable within one month. The Corporate Debtor failed to make the payment within the
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Operational Creditor and Corporate Debtor…
Operational Creditor completed the work,…
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 both parties executed a Completion Certificate on 11.05.2018. Subsequently, a Settlement Agreement was entered into on 02.11.2018, where the Corporate Debtor agreed to pay 1.25 million USD within one month. The Corporate Debtor made a partial payment of 150,000 USD on 20.09.2019 but failed to pay the balance of 1.10
…Marine Geology Services LLP (Operational Creditor) and GEO API Solutions Private Limited (Corporate Debtor) entered into an agreement on 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. The Operational Creditor completed the work, and both parties executed a Completion Certificate on 11.05.2018, acknowledging satisfactory completion without any claims. Due to protests, the 3D survey was converted to a 2D survey. On 02.11.2018, a Settlement Agreement was executed, reducing the total payable amount from 2.5 million USD to 1.25 million USD, payable within one month. The Corporate Debtor failed to make the payment within the
…Operational Creditor and Corporate Debtor…
Operational Creditor completed the work,…