G Trans Logistics (India) Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the IBC, 2016, to initiate corporate insolvency resolution process against Emtex Engineering India Private Limited, the Corporate Debtor. The Operational Creditor provided manpower to the Corporate Debtor for order processing and operation services based on a Letter of Intent (LOI) dated May 3, 2017. Disputes arose when the Corporate Debtor allegedly defaulted on payments against invoices raised by the Operational Creditor starting from June 2017.
G Trans Logistics (India) Private Limited (Operational Creditor) provided manpower services to Emtex Engineering India Private Limited (Corporate Debtor) based on a Letter of Intent (LOI) dated May 3, 2017. The Corporate Debtor allegedly defaulted on payments for invoices raised by the Operational Creditor starting June 2017. The total amount of invoices raised from May 2017 to November 2017 was Rs. 1,02,69,753/-, out of which Rs. 46,00,000/- was paid. The net payable amount was Rs. 74,10,533/- plus 18% interest. A demand notice was issued on 04.06.2018. The Corporate Debtor claimed the LOI was invalid and there was an oral agreement for cost plus 10% management fee. The Corporate Debtor also claimed the Operational Creditor did not comply with PF and ESI laws. The
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A Letter of Intent was entered into between G…
Emtex Engineering India Private Limited started…
G Trans Logistics (India) Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the IBC, 2016, to initiate corporate insolvency resolution process against Emtex Engineering India Private Limited, the Corporate Debtor. The Operational Creditor provided manpower to the Corporate Debtor for order processing and operation services based on a Letter of Intent (LOI) dated May 3, 2017. Disputes arose when the Corporate Debtor allegedly defaulted on payments against invoices raised by the Operational Creditor starting from June 2017.
G Trans Logistics (India) Private Limited (Operational Creditor) provided manpower services to Emtex Engineering India Private Limited (Corporate Debtor) based on a Letter of Intent (LOI) dated May 3, 2017. The Corporate Debtor allegedly defaulted on payments for invoices raised by the Operational Creditor starting June 2017. The total amount of invoices raised from May 2017 to November 2017 was Rs. 1,02,69,753/-, out of which Rs. 46,00,000/- was paid. The net payable amount was Rs. 74,10,533/- plus 18% interest. A demand notice was issued on 04.06.2018. The Corporate Debtor claimed the LOI was invalid and there was an oral agreement for cost plus 10% management fee. The Corporate Debtor also claimed the Operational Creditor did not comply with PF and ESI laws. The
…A Letter of Intent was entered into between G…
Emtex Engineering India Private Limited started…