The case involves an application (IA 646 of 2022) filed by the Resolution Professional (RP) of Reliance Naval and Engineering Limited (RNEL) against Globalcom IDC Limited, a provider of information technology services to RNEL. The Corporate Insolvency Resolution Process (CIRP) was initiated against RNEL on 2020-01-15. The RP sought orders to prevent Globalcom from terminating services based on a termination letter issued on 2022-07-22, and to compel Globalcom to continue providing essential services under Section 14 of the IBC, read with Regulation 32 of the Corporate Insolvency Resolution Process Regulations. The resolution plan submitted by Hazel Mercantile Ltd. was approved on 2022-12-23, with a condition for upfront payment within 90 days.
The Resolution Professional (RP) of Reliance Naval and Engineering Limited (RNEL) filed IA 646 of 2022 against Globalcom IDC Limited, which provided IT services to RNEL. The Corporate Insolvency Resolution Process (CIRP) against RNEL commenced on 2020-01-15. The RP sought to prevent Globalcom from terminating services based on a termination letter dated 2022-07-22. The RP also sought to compel Globalcom to continue providing essential services under Section 14 of the IBC, read with Regulation 32 of the Corporate Insolvency Resolution Process Regulations. The resolution plan submitted by Hazel Mercantile Ltd. was approved by the CoC on 2022-02-23 and by the Adjudicating Authority on 2022-12-23, requiring upfront payment within 90 days. Hazel Mercantile Ltd. sought an
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Corporate Insolvency Resolution Process was…
Globalcom IDC Limited…
The case involves an application (IA 646 of 2022) filed by the Resolution Professional (RP) of Reliance Naval and Engineering Limited (RNEL) against Globalcom IDC Limited, a provider of information technology services to RNEL. The Corporate Insolvency Resolution Process (CIRP) was initiated against RNEL on 2020-01-15. The RP sought orders to prevent Globalcom from terminating services based on a termination letter issued on 2022-07-22, and to compel Globalcom to continue providing essential services under Section 14 of the IBC, read with Regulation 32 of the Corporate Insolvency Resolution Process Regulations. The resolution plan submitted by Hazel Mercantile Ltd. was approved on 2022-12-23, with a condition for upfront payment within 90 days.
The Resolution Professional (RP) of Reliance Naval and Engineering Limited (RNEL) filed IA 646 of 2022 against Globalcom IDC Limited, which provided IT services to RNEL. The Corporate Insolvency Resolution Process (CIRP) against RNEL commenced on 2020-01-15. The RP sought to prevent Globalcom from terminating services based on a termination letter dated 2022-07-22. The RP also sought to compel Globalcom to continue providing essential services under Section 14 of the IBC, read with Regulation 32 of the Corporate Insolvency Resolution Process Regulations. The resolution plan submitted by Hazel Mercantile Ltd. was approved by the CoC on 2022-02-23 and by the Adjudicating Authority on 2022-12-23, requiring upfront payment within 90 days. Hazel Mercantile Ltd. sought an
…Corporate Insolvency Resolution Process was…
Globalcom IDC Limited…