The appeal challenges the order dated 08.12.2022, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by PPG Asian Paints Pvt. Ltd. (Financial Creditor) against Sidhi Vinayak Vehicles Pvt. Ltd. (Corporate Debtor). The application sought resolution for an amount of Rs. 42,35,000/-, and Rajan Sharma was appointed as the IRP.
PPG Asian Paints Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the IBC against Sidhi Vinayak Vehicles Pvt. Ltd. (Corporate Debtor) for a default of Rs. 42,35,000/-.
The Corporate Debtor and the Financial Creditor entered into a Bodyshop Agreement dated 21.03.2018, where the Financial Creditor contributed Rs. 35,00,000/- as an upfront contribution.
The Corporate Debtor agreed to procure material worth Rs. 1 Cr. during the four-year tenure of the agreement but failed to procure material of Rs. 20 Lakh within one year, leading to a breach of the agreement.
The Financial Creditor claimed the date of default as 01.04.2019.
The Tribunal admitted the application and appointed Rajan Sharma as the IRP.
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The Corporate Debtor…
The Financial Creditor…
The appeal challenges the order dated 08.12.2022, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by PPG Asian Paints Pvt. Ltd. (Financial Creditor) against Sidhi Vinayak Vehicles Pvt. Ltd. (Corporate Debtor). The application sought resolution for an amount of Rs. 42,35,000/-, and Rajan Sharma was appointed as the IRP.
PPG Asian Paints Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the IBC against Sidhi Vinayak Vehicles Pvt. Ltd. (Corporate Debtor) for a default of Rs. 42,35,000/-.
The Corporate Debtor and the Financial Creditor entered into a Bodyshop Agreement dated 21.03.2018, where the Financial Creditor contributed Rs. 35,00,000/- as an upfront contribution.
The Corporate Debtor agreed to procure material worth Rs. 1 Cr. during the four-year tenure of the agreement but failed to procure material of Rs. 20 Lakh within one year, leading to a breach of the agreement.
The Financial Creditor claimed the date of default as 01.04.2019.
The Tribunal admitted the application and appointed Rajan Sharma as the IRP.
…The Corporate Debtor…
The Financial Creditor…