Dish TV India Ltd, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Macro Commerce P. Ltd, the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on a default in payment of Rs. 3,71,91,904/-. The operational creditor and corporate debtor entered into an Active Service agreement on September 30, 2015, where the operational creditor would run the shopping content of the corporate debtor on its DTH platform. The corporate debtor was to pay Rs. 1,00,00,000/- per quarter, including service fees and marketing spend. An addendum to the agreement was executed on May 20, 2016, extending the term and reducing the consideration. Despite this, the
…Dish TV India Ltd (Operational Creditor) and Macro Commerce P. Ltd (Corporate Debtor) entered into an Active Service Agreement on September 30, 2015, for running the shopping content of the Corporate Debtor on the Operational Creditor's DTH platform. The Corporate Debtor was to pay Rs. 1,00,00,000/- per quarter, including service fees and marketing spend. An Addendum 1 to the agreement was executed on May 20, 2016, extending the term till March 31, 2017, and reducing the consideration. The Corporate Debtor defaulted in making payments against invoices raised under the Agreement from the outset. The Corporate Debtor, vide its letter dated September 9, 2016, intimated its decision not to renew the Agreement and terminate it w.e.f. September 9, 2016. Officials of the
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Operational Creditor…
Addendum 1 to the agreement was executed,…
Dish TV India Ltd, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Macro Commerce P. Ltd, the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on a default in payment of Rs. 3,71,91,904/-. The operational creditor and corporate debtor entered into an Active Service agreement on September 30, 2015, where the operational creditor would run the shopping content of the corporate debtor on its DTH platform. The corporate debtor was to pay Rs. 1,00,00,000/- per quarter, including service fees and marketing spend. An addendum to the agreement was executed on May 20, 2016, extending the term and reducing the consideration. Despite this, the
…Dish TV India Ltd (Operational Creditor) and Macro Commerce P. Ltd (Corporate Debtor) entered into an Active Service Agreement on September 30, 2015, for running the shopping content of the Corporate Debtor on the Operational Creditor's DTH platform. The Corporate Debtor was to pay Rs. 1,00,00,000/- per quarter, including service fees and marketing spend. An Addendum 1 to the agreement was executed on May 20, 2016, extending the term till March 31, 2017, and reducing the consideration. The Corporate Debtor defaulted in making payments against invoices raised under the Agreement from the outset. The Corporate Debtor, vide its letter dated September 9, 2016, intimated its decision not to renew the Agreement and terminate it w.e.f. September 9, 2016. Officials of the
…Operational Creditor…
Addendum 1 to the agreement was executed,…