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 for 3D seismic data acquisition and field processing in Myanmar. The Corporate Debtor failed to make the payment as per the settlement agreement.
Marine Geology Services LLP (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 (Corporate Debtor). The Operational Creditor and the 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. The total amount payable to the Operational Creditor was 2.5 million USD. A completion certificate was executed on 11.05.2018. Subsequently, a settlement agreement was entered into on 02.11.2018, reducing the amount to 1.25 million USD. The Corporate Debtor made a part payment of 150,000 USD on 20.09.2019
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Operational Creditor and Corporate Debtor…
Completion cer…
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 for 3D seismic data acquisition and field processing in Myanmar. The Corporate Debtor failed to make the payment as per the settlement agreement.
Marine Geology Services LLP (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 (Corporate Debtor). The Operational Creditor and the 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. The total amount payable to the Operational Creditor was 2.5 million USD. A completion certificate was executed on 11.05.2018. Subsequently, a settlement agreement was entered into on 02.11.2018, reducing the amount to 1.25 million USD. The Corporate Debtor made a part payment of 150,000 USD on 20.09.2019
…Operational Creditor and Corporate Debtor…
Completion cer…