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), declare a moratorium, and appoint an Insolvency Resolution Professional (IRP). 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) to initiate CIRP. The Operational Creditor claimed Rs. 52,80,592/- outstanding as of 21.05.2019, including interest. The claim was based on services rendered and invoices raised, with payment terms requiring payment within 7 days of the invoice date and a 2% monthly compounding interest for late payments. An insertion order was initially entered into on 19.07.2017, followed by a novation agreement on 01.09.2018. The Operational Creditor sent a demand notice under Section 8 on 21.05.2019. The Corporate Debtor did not file a reply but admitted liability through its counsel. The
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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), declare a moratorium, and appoint an Insolvency Resolution Professional (IRP). 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) to initiate CIRP. The Operational Creditor claimed Rs. 52,80,592/- outstanding as of 21.05.2019, including interest. The claim was based on services rendered and invoices raised, with payment terms requiring payment within 7 days of the invoice date and a 2% monthly compounding interest for late payments. An insertion order was initially entered into on 19.07.2017, followed by a novation agreement on 01.09.2018. The Operational Creditor sent a demand notice under Section 8 on 21.05.2019. The Corporate Debtor did not file a reply but admitted liability through its counsel. The
…An Insertion Order was entered into between…
A novation agreement…