The case involves an application filed by G4S Secure Solutions India Private Limited (“Operational Creditor/ Petitioner”) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (“CIRP”) against Sterne India Private Limited (“Corporate Debtor/Respondent”). The Operational Creditor provided security services to the Corporate Debtor under a contract dated 07.12.2022. The Corporate Debtor allegedly defaulted on payments for these services, leading to the application for CIRP.
G4S Secure Solutions India Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sterne India Private Limited (Corporate Debtor) due to unpaid invoices for security services. The total outstanding amount was Rs.1,20,33,250/-. The Operational Creditor and Corporate Debtor entered into a contract on 07.12.2022, where the Operational Creditor would provide security services at various locations. The Corporate Debtor acknowledged the debt in emails dated 06.12.2023 and 03.06.2024 but failed to make payments, citing financial distress. The Operational Creditor issued a Demand Notice on 28.06.2024. The Corporate Debtor admitted to an operational
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STERNE INDIA PRIVATE…
The Operational Creditor and the Corporate…
The case involves an application filed by G4S Secure Solutions India Private Limited (“Operational Creditor/ Petitioner”) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (“CIRP”) against Sterne India Private Limited (“Corporate Debtor/Respondent”). The Operational Creditor provided security services to the Corporate Debtor under a contract dated 07.12.2022. The Corporate Debtor allegedly defaulted on payments for these services, leading to the application for CIRP.
G4S Secure Solutions India Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sterne India Private Limited (Corporate Debtor) due to unpaid invoices for security services. The total outstanding amount was Rs.1,20,33,250/-. The Operational Creditor and Corporate Debtor entered into a contract on 07.12.2022, where the Operational Creditor would provide security services at various locations. The Corporate Debtor acknowledged the debt in emails dated 06.12.2023 and 03.06.2024 but failed to make payments, citing financial distress. The Operational Creditor issued a Demand Notice on 28.06.2024. The Corporate Debtor admitted to an operational
…STERNE INDIA PRIVATE…
The Operational Creditor and the Corporate…