The case involves an application filed by Vivek Agarwal, an Operational Creditor, against Kanak Resource Management Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed unpaid dues for management consultancy services provided to the Corporate Debtor based on a consultancy agreement dated 01.07.2015. The Corporate Debtor disputed the claim, asserting that the invoices were not duly approved by its Managing Director and that no services were provided for the period to which the invoices relate. The Operational Creditor claimed a total debt of Rs. 54,01,973/- including monthly remuneration, 2% of the profit for the financial year 2015-16, and interest at 18% per annum.
Vivek Agarwal, the Operational Creditor, entered into a consultancy agreement with Kanak Resource Management Limited, the Corporate Debtor, on 01.07.2015 for a period of three years, valid until 30.06.2018. The agreement was for providing management consultancy services. As per the agreement, the Corporate Debtor was to pay the Operational Creditor a monthly remuneration of Rs. 4,50,000/- and a performance-related pay of 2% of the profit after tax at the end of the financial year. The Operational Creditor raised timely bills on a monthly basis, which the Corporate Debtor allegedly never disputed until 30.05.2016, after which payments ceased. The Operational Creditor claimed a total debt of Rs. 54,01,973/-, including unpaid monthly remuneration from 01.06.2016 to
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Operational Creditor…
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The case involves an application filed by Vivek Agarwal, an Operational Creditor, against Kanak Resource Management Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed unpaid dues for management consultancy services provided to the Corporate Debtor based on a consultancy agreement dated 01.07.2015. The Corporate Debtor disputed the claim, asserting that the invoices were not duly approved by its Managing Director and that no services were provided for the period to which the invoices relate. The Operational Creditor claimed a total debt of Rs. 54,01,973/- including monthly remuneration, 2% of the profit for the financial year 2015-16, and interest at 18% per annum.
Vivek Agarwal, the Operational Creditor, entered into a consultancy agreement with Kanak Resource Management Limited, the Corporate Debtor, on 01.07.2015 for a period of three years, valid until 30.06.2018. The agreement was for providing management consultancy services. As per the agreement, the Corporate Debtor was to pay the Operational Creditor a monthly remuneration of Rs. 4,50,000/- and a performance-related pay of 2% of the profit after tax at the end of the financial year. The Operational Creditor raised timely bills on a monthly basis, which the Corporate Debtor allegedly never disputed until 30.05.2016, after which payments ceased. The Operational Creditor claimed a total debt of Rs. 54,01,973/-, including unpaid monthly remuneration from 01.06.2016 to
…Operational Creditor…
Corporate Debtor…