The case involves an application filed by M/s. Kapston Facilities Management Limited (Operational Creditor/Applicant) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Karvy Stock Broking Limited (Corporate Debtor/Respondent) for failing to pay a debt of Rs.1,07,63,333/-. The Operational Creditor provided facilities management services to the Respondent under an agreement. The Respondent defaulted on payments, leading to the filing of the petition.
M/s. Kapston Facilities Management Limited (Operational Creditor) filed a petition under Section 9 of the IBC against M/s. Karvy Stock Broking Limited (Corporate Debtor) for a debt of Rs.1,07,63,333/-, including interest. The Operational Creditor provided facilities management services to the Corporate Debtor under an agreement dated 20.04.2011. Invoices were to be raised and paid within 30 days, but the Corporate Debtor allegedly did not adhere to this timeline. A demand notice was sent on 28.06.2021. The Corporate Debtor argued that it is a financial service provider and not a 'corporate person' under Section 3(7) of the IBC, and that the debt claimed did not meet the threshold limit under Section 4 of the IBC. The Corporate Debtor is registered as a stockbroker with
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Karvy Stock Broking Limited entered into an…
Letter of Intent Annexure-A4 was issued in…
The case involves an application filed by M/s. Kapston Facilities Management Limited (Operational Creditor/Applicant) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Karvy Stock Broking Limited (Corporate Debtor/Respondent) for failing to pay a debt of Rs.1,07,63,333/-. The Operational Creditor provided facilities management services to the Respondent under an agreement. The Respondent defaulted on payments, leading to the filing of the petition.
M/s. Kapston Facilities Management Limited (Operational Creditor) filed a petition under Section 9 of the IBC against M/s. Karvy Stock Broking Limited (Corporate Debtor) for a debt of Rs.1,07,63,333/-, including interest. The Operational Creditor provided facilities management services to the Corporate Debtor under an agreement dated 20.04.2011. Invoices were to be raised and paid within 30 days, but the Corporate Debtor allegedly did not adhere to this timeline. A demand notice was sent on 28.06.2021. The Corporate Debtor argued that it is a financial service provider and not a 'corporate person' under Section 3(7) of the IBC, and that the debt claimed did not meet the threshold limit under Section 4 of the IBC. The Corporate Debtor is registered as a stockbroker with
…Karvy Stock Broking Limited entered into an…
Letter of Intent Annexure-A4 was issued in…