mCarbon Tech Innovation Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Pointific Digital Private Limited, the Corporate Debtor, due to a default on Inter-Corporate Loan Agreements. The agreements were executed on 17.03.2020, 18.03.2020, 16.10.2020 and 25.04.2022. The Financial Creditor claimed a default of INR 4,87,88,499/- as of 30th November, 2022. The Corporate Debtor argued that the resignation of its director, Mukesh Bajpai, did not constitute a 'Material Adverse Effect' as defined in the loan agreement and that the demand notice was improperly issued.
mCarbon Tech Innovation Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Pointific Digital Private Limited (Corporate Debtor). The claim was based on a default of INR 4,87,88,499/- as of 30th November, 2022, under Inter-Corporate Loan Agreements dated 17.03.2020, 18.03.2020, 16.10.2020 and 25.04.2022. Mukesh Bajpai, the then 100% shareholder of the Corporate Debtor, approached Amit Kumar Dey, a director of Device Book Online Services Ltd, seeking investment in the Corporate Debtor. A share purchase agreement was executed on 17.03.2020. Mukesh Bajpai also requested a loan from the Financial Creditor to clear existing dues of the Corporate
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A share purchase agreement was executed…
A Loan Agreement dated 17.03.2020 was…
mCarbon Tech Innovation Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Pointific Digital Private Limited, the Corporate Debtor, due to a default on Inter-Corporate Loan Agreements. The agreements were executed on 17.03.2020, 18.03.2020, 16.10.2020 and 25.04.2022. The Financial Creditor claimed a default of INR 4,87,88,499/- as of 30th November, 2022. The Corporate Debtor argued that the resignation of its director, Mukesh Bajpai, did not constitute a 'Material Adverse Effect' as defined in the loan agreement and that the demand notice was improperly issued.
mCarbon Tech Innovation Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Pointific Digital Private Limited (Corporate Debtor). The claim was based on a default of INR 4,87,88,499/- as of 30th November, 2022, under Inter-Corporate Loan Agreements dated 17.03.2020, 18.03.2020, 16.10.2020 and 25.04.2022. Mukesh Bajpai, the then 100% shareholder of the Corporate Debtor, approached Amit Kumar Dey, a director of Device Book Online Services Ltd, seeking investment in the Corporate Debtor. A share purchase agreement was executed on 17.03.2020. Mukesh Bajpai also requested a loan from the Financial Creditor to clear existing dues of the Corporate
…A share purchase agreement was executed…
A Loan Agreement dated 17.03.2020 was…