Vikas Tiwari, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Jain Manufacturing India Pvt. Ltd., the corporate debtor. The petition stems from an agreement between the parties where Vikas Tiwari was to arrange for the supply of cosmetic goods manufactured by M/s Jain Manufacturing India Pvt. Ltd. on a commission basis. The petitioner claims that the corporate debtor defaulted on payments for services rendered in supplying and arranging for the dispatch of manufactured products.
Vikas Tiwari, the petitioner, is an operational creditor. M/s Jain Manufacturing India Pvt. Ltd., the respondent, is the corporate debtor. An agreement dated 01.08.2017 existed between the parties, where Vikas Tiwari would arrange for the supply of cosmetic goods manufactured by M/s Jain Manufacturing India Pvt. Ltd. on a commission basis. Vikas Tiwari was to book orders, arrange for dispatch, and collect payments on behalf of the corporate debtor. The corporate debtor was to pay a commission of Rs. 130 per case to Vikas Tiwari. Vikas Tiwari raised invoices, and the corporate debtor was to make payments within 30 days. Late payments would attract interest at 15%. The petitioner claimed Rs. 4,27,960/- was due from the respondent, with the date of default commencing from
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Agreement between Vikas Tiwari and M/s Jain…
According to the…
Vikas Tiwari, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Jain Manufacturing India Pvt. Ltd., the corporate debtor. The petition stems from an agreement between the parties where Vikas Tiwari was to arrange for the supply of cosmetic goods manufactured by M/s Jain Manufacturing India Pvt. Ltd. on a commission basis. The petitioner claims that the corporate debtor defaulted on payments for services rendered in supplying and arranging for the dispatch of manufactured products.
Vikas Tiwari, the petitioner, is an operational creditor. M/s Jain Manufacturing India Pvt. Ltd., the respondent, is the corporate debtor. An agreement dated 01.08.2017 existed between the parties, where Vikas Tiwari would arrange for the supply of cosmetic goods manufactured by M/s Jain Manufacturing India Pvt. Ltd. on a commission basis. Vikas Tiwari was to book orders, arrange for dispatch, and collect payments on behalf of the corporate debtor. The corporate debtor was to pay a commission of Rs. 130 per case to Vikas Tiwari. Vikas Tiwari raised invoices, and the corporate debtor was to make payments within 30 days. Late payments would attract interest at 15%. The petitioner claimed Rs. 4,27,960/- was due from the respondent, with the date of default commencing from
…Agreement between Vikas Tiwari and M/s Jain…
According to the…