The case involves an application filed by Mr. Sandeep Vij, an operational creditor, against Exit 10 Marketing Pvt. Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor claimed that the corporate debtor failed to liquidate outstanding dues. The corporate debtor admitted to the liability but expressed inability to pay due to financial difficulties.
Mr. Sandeep Vij, operating as Top Trade, filed a petition against Exit 10 Marketing Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming unpaid operational debt. Top Trade is engaged in the business of dealing with mobiles, tablets, accessories, and electronic peripherals. Exit 10 Marketing Pvt. Ltd. is an online e-commerce company. A Marketing and Distribution Agreement was executed between the parties for selling products. An invoice dated 21.03.2017 for Rs. 15,70,847/- was raised by the Operational Creditor. The Operational Creditor also purchased some goods from the Corporate Debtor for Rs. 5,00,556, which was set off, reducing the outstanding liability to Rs. 10,70,291/-. A further creditor note for Rs. 5,96,066 was raised. The Corporate
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Marketing and…
Operational Creditor…
The case involves an application filed by Mr. Sandeep Vij, an operational creditor, against Exit 10 Marketing Pvt. Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor claimed that the corporate debtor failed to liquidate outstanding dues. The corporate debtor admitted to the liability but expressed inability to pay due to financial difficulties.
Mr. Sandeep Vij, operating as Top Trade, filed a petition against Exit 10 Marketing Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming unpaid operational debt. Top Trade is engaged in the business of dealing with mobiles, tablets, accessories, and electronic peripherals. Exit 10 Marketing Pvt. Ltd. is an online e-commerce company. A Marketing and Distribution Agreement was executed between the parties for selling products. An invoice dated 21.03.2017 for Rs. 15,70,847/- was raised by the Operational Creditor. The Operational Creditor also purchased some goods from the Corporate Debtor for Rs. 5,00,556, which was set off, reducing the outstanding liability to Rs. 10,70,291/-. A further creditor note for Rs. 5,96,066 was raised. The Corporate
…Marketing and…
Operational Creditor…