M/s Globe Capital Market Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Surya Kiran Textiles Private Limited (Corporate Debtor). The alleged default amounted to Rs. 27,83,59,616.49/- for providing trading platform and services in the equity market and other trading segments. The Corporate Debtor acknowledged the debt but cited financial constraints and raised preliminary objections regarding the application being time-barred and the lack of proper invoices.
M/s Globe Capital Market Limited (Applicant/Operational Creditor) filed a Section 9 application against M/s Surya Kiran Textiles Private Limited (Respondent/Corporate Debtor).
The application seeks initiation of CIRP for an alleged default of Rs. 27,83,59,616.49/-.
The debt arose from providing trading platform/services to trade in the equity market and other trading segments.
The Applicant is a Trading-Clearing Member of the National Stock Exchange of India Limited and BSE Limited, registered with SEBI.
The Corporate Debtor approached the Applicant for availing trading platform and services, executing client registration forms and other documents on 18.05.2017.
A trading account with Unique Client Code No. Z93510 was started for the Corporate Debtor.
…Sign in to view the parties.
The Corporate Debtor executed a Client…
Trades were carried out by the Corporate Debtor,…
M/s Globe Capital Market Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Surya Kiran Textiles Private Limited (Corporate Debtor). The alleged default amounted to Rs. 27,83,59,616.49/- for providing trading platform and services in the equity market and other trading segments. The Corporate Debtor acknowledged the debt but cited financial constraints and raised preliminary objections regarding the application being time-barred and the lack of proper invoices.
M/s Globe Capital Market Limited (Applicant/Operational Creditor) filed a Section 9 application against M/s Surya Kiran Textiles Private Limited (Respondent/Corporate Debtor).
The application seeks initiation of CIRP for an alleged default of Rs. 27,83,59,616.49/-.
The debt arose from providing trading platform/services to trade in the equity market and other trading segments.
The Applicant is a Trading-Clearing Member of the National Stock Exchange of India Limited and BSE Limited, registered with SEBI.
The Corporate Debtor approached the Applicant for availing trading platform and services, executing client registration forms and other documents on 18.05.2017.
A trading account with Unique Client Code No. Z93510 was started for the Corporate Debtor.
…The Corporate Debtor executed a Client…
Trades were carried out by the Corporate Debtor,…