The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Affle (India) Limited (Operational Creditor) against Ad Victoriam Ventures Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an outstanding amount of Rs. 52,80,592/- as of 21.05.2019, including interest, based on services rendered and invoices raised. An insertion order was initially entered into on 19.07.2017, followed by a novation agreement on 01.09.2018.
Affle (India) Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Ad Victoriam Ventures Private Limited (Corporate Debtor). The Operational Creditor claimed Rs. 52,80,592/- as outstanding as of 21.05.2019, including interest. This claim arose from services rendered by the Operational Creditor to the Corporate Debtor, based on an insertion order dated 19.07.2017 and a novation agreement signed on 01.09.2018. The terms of payment required payment within 7 days of the invoice date, with a 2% monthly compounding interest for late payments. A demand notice was sent under Section 8 on 21.05.2019. The Corporate Debtor admitted liability, although no formal reply was filed.
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An Insertion Order was entered into between…
A novation agreement…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Affle (India) Limited (Operational Creditor) against Ad Victoriam Ventures Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an outstanding amount of Rs. 52,80,592/- as of 21.05.2019, including interest, based on services rendered and invoices raised. An insertion order was initially entered into on 19.07.2017, followed by a novation agreement on 01.09.2018.
Affle (India) Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Ad Victoriam Ventures Private Limited (Corporate Debtor). The Operational Creditor claimed Rs. 52,80,592/- as outstanding as of 21.05.2019, including interest. This claim arose from services rendered by the Operational Creditor to the Corporate Debtor, based on an insertion order dated 19.07.2017 and a novation agreement signed on 01.09.2018. The terms of payment required payment within 7 days of the invoice date, with a 2% monthly compounding interest for late payments. A demand notice was sent under Section 8 on 21.05.2019. The Corporate Debtor admitted liability, although no formal reply was filed.
An Insertion Order was entered into between…
A novation agreement…