Cerestra Advisors Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against MN Takshila Industries Private Limited, the Corporate Debtor, for defaulting on a payment of Rs. 4,17,13,343/-. The Operational Creditor and the Fund Manager, Lighthouse Canton Pte Ltd, had an Advisory Agreement, and the Corporate Debtor, a Fund Subsidiary, was required to pay advisory fees for services availed. The Corporate Debtor only cleared Rs. 50,00,000/- out of the total amount due, leading to the petition.
Cerestra Advisors Private Limited (Operational Creditor) and MN Takshila Industries Private Limited (Corporate Debtor) had a business relationship where the Operational Creditor provided advisory services. The Corporate Debtor, along with other fund subsidiaries, approached the Operational Creditor for services, leading to an Advisory Agreement dated 2016-09-05, followed by an addendum dated 2018-03-01. The Operational Creditor raised invoices amounting to Rs. 4,67,13,343/-, which the Corporate Debtor agreed to pay within 30 days. The Corporate Debtor only paid Rs. 50,00,000/-, leaving a balance of Rs. 4,17,13,343/- outstanding. The last date of default was 2019-03-10. The Operational Creditor sent a demand notice under Section 8 of the I&B Code, 2016, on
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Advisory Agreement…
Addendum Agreement executed among the Fund…
Cerestra Advisors Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against MN Takshila Industries Private Limited, the Corporate Debtor, for defaulting on a payment of Rs. 4,17,13,343/-. The Operational Creditor and the Fund Manager, Lighthouse Canton Pte Ltd, had an Advisory Agreement, and the Corporate Debtor, a Fund Subsidiary, was required to pay advisory fees for services availed. The Corporate Debtor only cleared Rs. 50,00,000/- out of the total amount due, leading to the petition.
Cerestra Advisors Private Limited (Operational Creditor) and MN Takshila Industries Private Limited (Corporate Debtor) had a business relationship where the Operational Creditor provided advisory services. The Corporate Debtor, along with other fund subsidiaries, approached the Operational Creditor for services, leading to an Advisory Agreement dated 2016-09-05, followed by an addendum dated 2018-03-01. The Operational Creditor raised invoices amounting to Rs. 4,67,13,343/-, which the Corporate Debtor agreed to pay within 30 days. The Corporate Debtor only paid Rs. 50,00,000/-, leaving a balance of Rs. 4,17,13,343/- outstanding. The last date of default was 2019-03-10. The Operational Creditor sent a demand notice under Section 8 of the I&B Code, 2016, on
…Advisory Agreement…
Addendum Agreement executed among the Fund…