Micromax Informatics Ltd, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) against Good Day Ventures (India) Pvt Ltd, the Corporate Debtor, due to a default in payment of Rs. 9,88,21,579.70 for supplied products. The Corporate Debtor was appointed as an Authorized Distributor of the Operational Creditor, with agreements dated 13.04.2014 and 07.04.2017 between the parties. The Corporate Debtor purchased products from the Operational Creditor, who maintained a running account of the transactions.
Micromax Informatics Ltd (Operational Creditor) filed a petition against Good Day Ventures (India) Pvt Ltd (Corporate Debtor) under Section 9 of the IBC due to a default in payment of Rs. 9,88,21,579.70 for products supplied. The Corporate Debtor was an authorized distributor for the Operational Creditor. An admitted outstanding amount of Rs. 9,22,21,597.70 existed. The Corporate Debtor issued a cheque for Rs. 7,74,67,345 towards part payment, but it was dishonored. The Operational Creditor initiated proceedings under Section 138 and 142 of the Negotiable Instruments Act, 1981, which are pending. A demand notice was issued on 25.05.2019, but it was returned undelivered. A statutory demand notice was then sent on 12.06.2019. The Corporate Debtor failed to pay the
…Sign in to view the parties.
Agreement was entered into between Micromax…
Another agreement was entered into between…
Micromax Informatics Ltd, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) against Good Day Ventures (India) Pvt Ltd, the Corporate Debtor, due to a default in payment of Rs. 9,88,21,579.70 for supplied products. The Corporate Debtor was appointed as an Authorized Distributor of the Operational Creditor, with agreements dated 13.04.2014 and 07.04.2017 between the parties. The Corporate Debtor purchased products from the Operational Creditor, who maintained a running account of the transactions.
Micromax Informatics Ltd (Operational Creditor) filed a petition against Good Day Ventures (India) Pvt Ltd (Corporate Debtor) under Section 9 of the IBC due to a default in payment of Rs. 9,88,21,579.70 for products supplied. The Corporate Debtor was an authorized distributor for the Operational Creditor. An admitted outstanding amount of Rs. 9,22,21,597.70 existed. The Corporate Debtor issued a cheque for Rs. 7,74,67,345 towards part payment, but it was dishonored. The Operational Creditor initiated proceedings under Section 138 and 142 of the Negotiable Instruments Act, 1981, which are pending. A demand notice was issued on 25.05.2019, but it was returned undelivered. A statutory demand notice was then sent on 12.06.2019. The Corporate Debtor failed to pay the
…Agreement was entered into between Micromax…
Another agreement was entered into between…