Power2sme Pvt. Ltd. filed a petition against JV Strips Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Respondent, JV Strips Ltd. The Operational Creditor, Power2sme Pvt. Ltd., claimed that it had supplied goods to the Corporate Debtor between September 2015 and August 2017, leading to a significant overdue amount. To address this, both parties entered into a Memorandum of Understanding (MOU) on 2017-05-11, where the Corporate Debtor acknowledged the outstanding liability. A repayment schedule was agreed upon, and the Operational Creditor agreed to supply material on 90% credit, adjusting 10% towards previous dues. The MOU was later amended on 2017-08-04, extending
…Power2sme Pvt. Ltd. (Operational Creditor) supplied goods to JV Strips Ltd. (Corporate Debtor) from September 2015 to August 2017, resulting in a significant overdue amount. On 2017-05-11, both parties entered into a Memorandum of Understanding (MOU), where JV Strips Ltd. acknowledged an outstanding liability of Rs. 10,23,67,915. The MOU included a repayment schedule and an agreement for Power2sme Pvt. Ltd. to supply material on 90% credit, adjusting 10% towards previous dues. The MOU was amended on 2017-08-04, extending the compliance period. JV Strips Ltd. issued two cheques totaling Rs. 9.15 crores, which were later dishonored. Power2sme Pvt. Ltd. terminated the arrangement on 2017-09-13. JV Strips Ltd. argued that the interest levied was exorbitant and violated the
…Sign in to view the parties.
Power2sme Pvt. Ltd.…
Power2sme Pvt. Ltd. and…
Power2sme Pvt. Ltd. filed a petition against JV Strips Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Respondent, JV Strips Ltd. The Operational Creditor, Power2sme Pvt. Ltd., claimed that it had supplied goods to the Corporate Debtor between September 2015 and August 2017, leading to a significant overdue amount. To address this, both parties entered into a Memorandum of Understanding (MOU) on 2017-05-11, where the Corporate Debtor acknowledged the outstanding liability. A repayment schedule was agreed upon, and the Operational Creditor agreed to supply material on 90% credit, adjusting 10% towards previous dues. The MOU was later amended on 2017-08-04, extending
…Power2sme Pvt. Ltd. (Operational Creditor) supplied goods to JV Strips Ltd. (Corporate Debtor) from September 2015 to August 2017, resulting in a significant overdue amount. On 2017-05-11, both parties entered into a Memorandum of Understanding (MOU), where JV Strips Ltd. acknowledged an outstanding liability of Rs. 10,23,67,915. The MOU included a repayment schedule and an agreement for Power2sme Pvt. Ltd. to supply material on 90% credit, adjusting 10% towards previous dues. The MOU was amended on 2017-08-04, extending the compliance period. JV Strips Ltd. issued two cheques totaling Rs. 9.15 crores, which were later dishonored. Power2sme Pvt. Ltd. terminated the arrangement on 2017-09-13. JV Strips Ltd. argued that the interest levied was exorbitant and violated the
…Power2sme Pvt. Ltd.…
Power2sme Pvt. Ltd. and…