CBRE South Asia Pvt. Ltd. filed a Company Petition on 2021-12-16 seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sapphire Cable and Services Pvt. Ltd., claiming default in payment of an operational debt of Rs. 1,07,98,235/-, which includes the principal amount due in terms of invoices raised along with interest at 24% p.a. The Operational Creditor and Corporate Debtor entered into a Master Facility Agreement. The Corporate Debtor raised regular work orders on the Operational Creditor. The Corporate Debtor failed to make the payment even after reminder emails and legal notices. The Corporate Debtor disputes the outstanding amount and claims the invoices are time-barred and do not meet the pecuniary jurisdiction of 1 crore for Section 9
…CBRE South Asia Pvt. Ltd. (Operational Creditor) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Sapphire Cable and Services Pvt. Ltd. (Corporate Debtor) for defaulting on a payment of Rs. 1,07,98,235/-. This amount represents the principal due plus interest at 24% p.a. on invoices raised for services rendered under a Master Facility Agreement. The Operational Creditor issued 31 invoices to the Corporate Debtor, ranging from 2014-11-29 to 2017-05-31. The Corporate Debtor made partial payments but failed to clear the entire outstanding amount. The Operational Creditor issued legal notices in 2017 and 2018. The Corporate Debtor argued that the claim was time-barred and did not meet the minimum threshold of Rs. 1 crore for initiating
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The Operational Creditor and the Corporate…
The Operational Creditor and the Corporate…
CBRE South Asia Pvt. Ltd. filed a Company Petition on 2021-12-16 seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sapphire Cable and Services Pvt. Ltd., claiming default in payment of an operational debt of Rs. 1,07,98,235/-, which includes the principal amount due in terms of invoices raised along with interest at 24% p.a. The Operational Creditor and Corporate Debtor entered into a Master Facility Agreement. The Corporate Debtor raised regular work orders on the Operational Creditor. The Corporate Debtor failed to make the payment even after reminder emails and legal notices. The Corporate Debtor disputes the outstanding amount and claims the invoices are time-barred and do not meet the pecuniary jurisdiction of 1 crore for Section 9
…CBRE South Asia Pvt. Ltd. (Operational Creditor) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Sapphire Cable and Services Pvt. Ltd. (Corporate Debtor) for defaulting on a payment of Rs. 1,07,98,235/-. This amount represents the principal due plus interest at 24% p.a. on invoices raised for services rendered under a Master Facility Agreement. The Operational Creditor issued 31 invoices to the Corporate Debtor, ranging from 2014-11-29 to 2017-05-31. The Corporate Debtor made partial payments but failed to clear the entire outstanding amount. The Operational Creditor issued legal notices in 2017 and 2018. The Corporate Debtor argued that the claim was time-barred and did not meet the minimum threshold of Rs. 1 crore for initiating
…The Operational Creditor and the Corporate…
The Operational Creditor and the Corporate…