Assets Care & Reconstruction Enterprises Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 to initiate CIRP against Geopreneur Corp Private Ltd.

The petition was originally filed by M/s Altico Capital India Ltd., who later assigned the debt to Assets Care & Reconstruction Enterprises Ltd.

The Corporate Debtor delayed the proceedings for over two years without filing a reply, leading to the forfeiture of their right to do so.

The Corporate Debtor raised objections regarding promissory estoppel, the authority of the Financial Creditor, and the validity of the assignment.

The Corporate Debtor submitted a compromise proposal on 05.08.2021 and made partial payments, but did not fully comply with the terms of the compromise.

Assets Care & Reconstruction Enterprises Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 to initiate CIRP against Geopreneur Corp Private Ltd.

The petition was originally filed by M/s Altico Capital India Ltd., who later assigned the debt to Assets Care & Reconstruction Enterprises Ltd.

The Corporate Debtor delayed the proceedings for over two years without filing a reply, leading to the forfeiture of their right to do so.

The Corporate Debtor raised objections regarding promissory estoppel, the authority of the Financial Creditor, and the validity of the assignment.

The Corporate Debtor submitted a compromise proposal on 05.08.2021 and made partial payments, but did not fully comply with the terms of the compromise.