Cerestra Advisors Private Limited, an operational creditor, filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against MN Bio-Technology Private Limited, the corporate debtor, for defaulting on a payment of Rs. 51,84,133. The operational creditor claimed that the corporate debtor, along with other fund subsidiaries, had approached them for advisory services and executed an Advisory Agreement dated 05.09.2016, followed by a First Addendum dated 01.03.2018. Under these agreements, the fund subsidiaries, including the corporate debtor, were required to pay advisory fees for the services availed. The corporate debtor, in its reply, alleged that the operational creditor failed to perform its obligations under the Advisory Agreement and caused

Cerestra Advisors Private Limited, an operational creditor, filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against MN Bio-Technology Private Limited, the corporate debtor, for defaulting on a payment of Rs. 51,84,133. The operational creditor claimed that the corporate debtor, along with other fund subsidiaries, had approached them for advisory services and executed an Advisory Agreement dated 05.09.2016, followed by a First Addendum dated 01.03.2018. Under these agreements, the fund subsidiaries, including the corporate debtor, were required to pay advisory fees for the services availed. The corporate debtor, in its reply, alleged that the operational creditor failed to perform its obligations under the Advisory Agreement and caused