The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by Apurva Jain and 10 others (Financial Creditors) against M/s. Adaptio Facility Management Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditors had advanced a total sum of Rs.1,08,83,596.95 to the Corporate Debtor through an online bill discounting portal called "KredX", operated by 'Minions Ventures Pvt. Ltd'. The Corporate Debtor provided goods and services to an enterprise and raised invoices for invoice discounting. The enterprise failed to pay the maturity amount, and the cheques issued by the Corporate Debtor were dishonored.
Apurva Jain and 10 others, acting as Financial Creditors, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Adaptio Facility Management Private Limited, the Corporate Debtor. The Financial Creditors advanced a total of Rs. 1,08,83,596.95 to the Corporate Debtor through an online bill discounting portal called 'KredX', operated by Minions Ventures Pvt. Ltd. This arrangement was governed by an 'Agreement for Transfer of Rights', a tripartite agreement between the Creditors, Minions Ventures, and the Corporate Debtor. The Corporate Debtor provided goods and services to an enterprise and raised invoices for discounting. The enterprise failed to pay the maturity amount,
…Sign in to view the parties.
M/s. Adaptio Facility…
Bank Confirmation Agreement signed by KredX,…
The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by Apurva Jain and 10 others (Financial Creditors) against M/s. Adaptio Facility Management Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditors had advanced a total sum of Rs.1,08,83,596.95 to the Corporate Debtor through an online bill discounting portal called "KredX", operated by 'Minions Ventures Pvt. Ltd'. The Corporate Debtor provided goods and services to an enterprise and raised invoices for invoice discounting. The enterprise failed to pay the maturity amount, and the cheques issued by the Corporate Debtor were dishonored.
Apurva Jain and 10 others, acting as Financial Creditors, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Adaptio Facility Management Private Limited, the Corporate Debtor. The Financial Creditors advanced a total of Rs. 1,08,83,596.95 to the Corporate Debtor through an online bill discounting portal called 'KredX', operated by Minions Ventures Pvt. Ltd. This arrangement was governed by an 'Agreement for Transfer of Rights', a tripartite agreement between the Creditors, Minions Ventures, and the Corporate Debtor. The Corporate Debtor provided goods and services to an enterprise and raised invoices for discounting. The enterprise failed to pay the maturity amount,
…M/s. Adaptio Facility…
Bank Confirmation Agreement signed by KredX,…