The case involves a petition filed by G4S Secure Solutions India Private Limited, an operational creditor, against Sterne India Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The operational creditor provided security services to the corporate debtor based on a contract dated 07.12.2022. The corporate debtor allegedly defaulted on payments for these services, leading to the petition. The initial date of default was mentioned as 31.05.2023 but later rectified to be between 30.06.2023 and 30.05.2024, corresponding to the expiry of 30 days from each invoice. The corporate debtor acknowledged the debt but cited financial distress and inability to
…G4S Secure Solutions India Private Limited (Operational Creditor) provided security services to Sterne India Private Limited (Corporate Debtor) under a contract dated 07.12.2022. The Corporate Debtor approached the Operational Creditor in 2022 seeking security services at various locations. The Operational Creditor provided services at locations including Kolkata, Raipur, Ranchi, Patna, Bhubaneswar, Bilaspur, Delhi, Gurugram, Jaipur, Punjab, Agra, Lucknow, Saharanpur, Azamgarh, and Rudrapur. The Operational Creditor raised invoices for these services, with payment terms requiring the Corporate Debtor to clear invoices within 30 days of receipt. The Corporate Debtor defaulted on payments, resulting in an outstanding amount of Rs.1,20,33,250/-. The initial date of
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The Insolven…
G4S Secure Solutions India Private Limited and…
The case involves a petition filed by G4S Secure Solutions India Private Limited, an operational creditor, against Sterne India Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The operational creditor provided security services to the corporate debtor based on a contract dated 07.12.2022. The corporate debtor allegedly defaulted on payments for these services, leading to the petition. The initial date of default was mentioned as 31.05.2023 but later rectified to be between 30.06.2023 and 30.05.2024, corresponding to the expiry of 30 days from each invoice. The corporate debtor acknowledged the debt but cited financial distress and inability to
…G4S Secure Solutions India Private Limited (Operational Creditor) provided security services to Sterne India Private Limited (Corporate Debtor) under a contract dated 07.12.2022. The Corporate Debtor approached the Operational Creditor in 2022 seeking security services at various locations. The Operational Creditor provided services at locations including Kolkata, Raipur, Ranchi, Patna, Bhubaneswar, Bilaspur, Delhi, Gurugram, Jaipur, Punjab, Agra, Lucknow, Saharanpur, Azamgarh, and Rudrapur. The Operational Creditor raised invoices for these services, with payment terms requiring the Corporate Debtor to clear invoices within 30 days of receipt. The Corporate Debtor defaulted on payments, resulting in an outstanding amount of Rs.1,20,33,250/-. The initial date of
…The Insolven…
G4S Secure Solutions India Private Limited and…