The case involves an application filed by PPG Asian Paints Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Global Gallerie Wheels Private Limited. PPG Asian Paints claimed a default of Rs. 33,00,000/- including interest, based on an agreement where PPG Asian Paints was to provide financial assistance to Global Gallerie Wheels for sales promotions and procurement of specialized painting equipment. The agreement included a clause for the purchase of PPG Asian Paints products by Global Gallerie Wheels and was secured by a Demand Promissory Note.
PPG Asian Paints Private Limited (the Petitioner) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Global Gallerie Wheels Private Limited (the Corporate Debtor). The Petitioner claimed that the Corporate Debtor had defaulted on a financial debt of Rs. 33,00,000/- including interest, as of 13.02.2013, with the date of default stated as 11.06.2019. An agreement dated 09.01.2013, titled “PPG Asian Body Shop Agreement,” was executed between the Petitioner and the Corporate Debtor. Under this agreement, the Corporate Debtor approached the Petitioner for financial contribution towards sales promotions and procurement of specialized painting equipment. The agreement stipulated that the Petitioner would disburse Rs. 33,00,000/- as a
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“PPG Asian Body Shop Agreement” was executed…
The Petitioner claimed an amount of Rs.…
The case involves an application filed by PPG Asian Paints Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Global Gallerie Wheels Private Limited. PPG Asian Paints claimed a default of Rs. 33,00,000/- including interest, based on an agreement where PPG Asian Paints was to provide financial assistance to Global Gallerie Wheels for sales promotions and procurement of specialized painting equipment. The agreement included a clause for the purchase of PPG Asian Paints products by Global Gallerie Wheels and was secured by a Demand Promissory Note.
PPG Asian Paints Private Limited (the Petitioner) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Global Gallerie Wheels Private Limited (the Corporate Debtor). The Petitioner claimed that the Corporate Debtor had defaulted on a financial debt of Rs. 33,00,000/- including interest, as of 13.02.2013, with the date of default stated as 11.06.2019. An agreement dated 09.01.2013, titled “PPG Asian Body Shop Agreement,” was executed between the Petitioner and the Corporate Debtor. Under this agreement, the Corporate Debtor approached the Petitioner for financial contribution towards sales promotions and procurement of specialized painting equipment. The agreement stipulated that the Petitioner would disburse Rs. 33,00,000/- as a
…“PPG Asian Body Shop Agreement” was executed…
The Petitioner claimed an amount of Rs.…