CIRP application against Corporate Debtor admitted as operational debt and default proved

Sree Ugcl Projects Ltd Vs Geosphere Industries Pvt. Ltd (NCLT Cuttack) NCLT Cuttack held that application under section 9 of the Insolvency and Bankruptcy Code is admitted for initiation of Corporate Insolvency and Resolution Process against Corporate Debtor [Geosphere Industries Pvt. Ltd.] as operational debt of more than Rs. 1 crore stands established and default thereon is proved. Facts- This present Application has been filed by M/S Sree UGCL Projects Ltd. (Operational Creditor/Applicant”) under Section 9 of the Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency...