Globe Capital Market Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Narayan Securities Limited. The claim arose from an arbitration award dated 24.09.2021, related to currency derivative transactions. Globe Capital Market, acting as a clearing member, sought to recover dues from Narayan Securities, a trading member, for clearing and settlement services. The corporate debtor acknowledged its liability in a reply communication dated 25.07.2022, but expressed its inability to pay the awarded sum.
Globe Capital Market Limited (the Applicant), a clearing member, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Narayan Securities Limited (the Respondent), a trading member. The claim was based on an arbitration award dated 24.09.2021, arising from currency derivative transactions. The Applicant and the Respondent had entered into a Trading Member-Clearing Member Agreement on 28.08.2008, and another agreement on 09.03.2017. The Respondent was obligated to pay fees, charges, brokerage, and commission to the Applicant for clearing and settlement services. The Respondent made an 'on account part payment' of Rs. 2.00 Crores on 16.09.2019. The Applicant invoked bank guarantees
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Agreement between Trading Member and Clearing…
Clearing Member-Trading Member Agreement was…
Globe Capital Market Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Narayan Securities Limited. The claim arose from an arbitration award dated 24.09.2021, related to currency derivative transactions. Globe Capital Market, acting as a clearing member, sought to recover dues from Narayan Securities, a trading member, for clearing and settlement services. The corporate debtor acknowledged its liability in a reply communication dated 25.07.2022, but expressed its inability to pay the awarded sum.
Globe Capital Market Limited (the Applicant), a clearing member, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Narayan Securities Limited (the Respondent), a trading member. The claim was based on an arbitration award dated 24.09.2021, arising from currency derivative transactions. The Applicant and the Respondent had entered into a Trading Member-Clearing Member Agreement on 28.08.2008, and another agreement on 09.03.2017. The Respondent was obligated to pay fees, charges, brokerage, and commission to the Applicant for clearing and settlement services. The Respondent made an 'on account part payment' of Rs. 2.00 Crores on 16.09.2019. The Applicant invoked bank guarantees
…Agreement between Trading Member and Clearing…
Clearing Member-Trading Member Agreement was…