The Operational Creditor (Sparta Global Projects Pvt. Ltd.) filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor (KUGD Services Private Limited) due to its inability to pay its operational debt. The Corporate Debtor had approached the Operational Creditor for manpower supply services, leading to a service agreement on 2016-11-24. The Operational Creditor provided services from January 2017 to January 2018, raising 13 invoices. The Corporate Debtor defaulted on payments from May 2017. A demand notice was issued on 2019-08-07 under Section 8 of the Code, but the Corporate Debtor did not respond or appear before the Tribunal.
Sparta Global Projects Pvt. Ltd. (Operational Creditor) provided manpower supply services to KUGD Services Private Limited (Corporate Debtor) based on a service agreement dated 2016-11-24. The agreement stipulated payment within 30 days of the invoice date, with an 18% per annum interest on delays. Sparta Global Projects raised 13 invoices between January 2017 and January 2018, totaling Rs. 96,78,791/-. KUGD Services defaulted on payments from May 2017. As of the date of the application, Rs. 21,17,087/- remained unpaid, along with accrued interest of Rs. 7,02,894/- (till 2019-07-31). A demand notice was issued on 2019-08-07 under Section 8 of the IBC, but KUGD Services did not respond. The date of default is 2018-02-11, and the application was filed on 2020-02-19. The
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Service agreement executed between Sparta…
Sparta Global Projects…
The Operational Creditor (Sparta Global Projects Pvt. Ltd.) filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor (KUGD Services Private Limited) due to its inability to pay its operational debt. The Corporate Debtor had approached the Operational Creditor for manpower supply services, leading to a service agreement on 2016-11-24. The Operational Creditor provided services from January 2017 to January 2018, raising 13 invoices. The Corporate Debtor defaulted on payments from May 2017. A demand notice was issued on 2019-08-07 under Section 8 of the Code, but the Corporate Debtor did not respond or appear before the Tribunal.
Sparta Global Projects Pvt. Ltd. (Operational Creditor) provided manpower supply services to KUGD Services Private Limited (Corporate Debtor) based on a service agreement dated 2016-11-24. The agreement stipulated payment within 30 days of the invoice date, with an 18% per annum interest on delays. Sparta Global Projects raised 13 invoices between January 2017 and January 2018, totaling Rs. 96,78,791/-. KUGD Services defaulted on payments from May 2017. As of the date of the application, Rs. 21,17,087/- remained unpaid, along with accrued interest of Rs. 7,02,894/- (till 2019-07-31). A demand notice was issued on 2019-08-07 under Section 8 of the IBC, but KUGD Services did not respond. The date of default is 2018-02-11, and the application was filed on 2020-02-19. The
…Service agreement executed between Sparta…
Sparta Global Projects…