The case involves a petition filed by Smaran Enterprises LLP (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Orasi Technology (India) Private Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 12,50,000 as principal and Rs. 7,64,435 as interest, based on a Memorandum of Understanding (MoU) dated 08.01.2016. The Financial Creditor invested in the Corporate Debtor for developing a retail viewer, with an agreement for a 25% share in annual sale proceeds. The Corporate Debtor acknowledged the liability in an email dated 16.03.2017, offering to return Rs. 2,50,000 by 15.04.2017, with the balance considered as a
…Smaran Enterprises LLP (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Orasi Technology (India) Private Limited (Corporate Debtor). The Financial Creditor claimed a default of Rs. 12,50,000 as principal and Rs. 7,64,435 as interest, based on a Memorandum of Understanding (MoU) dated 08.01.2016. The MoU stipulated that the Financial Creditor would have a 25% share in the annual sale proceeds of the Corporate Debtor. The date of default was stated to be 01.04.2017. The Financial Creditor submitted bank statements showing a debit entry of Rs. 12.50 lakh from its account to the Corporate Debtor. The Corporate Debtor acknowledged the liability in an email
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MoU executed between…
Debit entry of Rs. 12.50 lakh from the account…
The case involves a petition filed by Smaran Enterprises LLP (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Orasi Technology (India) Private Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 12,50,000 as principal and Rs. 7,64,435 as interest, based on a Memorandum of Understanding (MoU) dated 08.01.2016. The Financial Creditor invested in the Corporate Debtor for developing a retail viewer, with an agreement for a 25% share in annual sale proceeds. The Corporate Debtor acknowledged the liability in an email dated 16.03.2017, offering to return Rs. 2,50,000 by 15.04.2017, with the balance considered as a
…Smaran Enterprises LLP (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Orasi Technology (India) Private Limited (Corporate Debtor). The Financial Creditor claimed a default of Rs. 12,50,000 as principal and Rs. 7,64,435 as interest, based on a Memorandum of Understanding (MoU) dated 08.01.2016. The MoU stipulated that the Financial Creditor would have a 25% share in the annual sale proceeds of the Corporate Debtor. The date of default was stated to be 01.04.2017. The Financial Creditor submitted bank statements showing a debit entry of Rs. 12.50 lakh from its account to the Corporate Debtor. The Corporate Debtor acknowledged the liability in an email
…MoU executed between…
Debit entry of Rs. 12.50 lakh from the account…