M/s Park Network Pvt. Ltd., the operational creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, read with Rule 6 of the IBC, 2016, to initiate corporate insolvency resolution process against P.P. Telecell Marketing Pvt. Ltd., the corporate debtor. The operational creditor claimed an operational debt of Rs. 20,02,872/-. The corporate debtor was in the business of trading and was an authorized distributor of M/s Syntech (HK) Technology Limited. The operational creditor was appointed as a sub-distributor as per an agreement dated 15.04.2015.
M/s Park Network Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 against M/s. PP Telecell Marketing Pvt. Ltd. (Corporate Debtor) for an operational debt of Rs. 20,02,872/-. The Operational Creditor was a sub-distributor of the Corporate Debtor, who was an authorized distributor of M/s Syntech (HK) Technology Limited. Transactions occurred between April 2015 and August 2018. The Corporate Debtor admitted the due amount in an email dated 05.01.2019. The Operational Creditor issued a demand notice in Form 4 dated 02.05.2019. The Corporate Debtor replied on 24.05.2019, raising a dispute. The Corporate Debtor claimed that the amount was to be settled by M/s Gionee, and that there was an arbitration clause
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Operational Creditor…
Transactions occurred…
M/s Park Network Pvt. Ltd., the operational creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, read with Rule 6 of the IBC, 2016, to initiate corporate insolvency resolution process against P.P. Telecell Marketing Pvt. Ltd., the corporate debtor. The operational creditor claimed an operational debt of Rs. 20,02,872/-. The corporate debtor was in the business of trading and was an authorized distributor of M/s Syntech (HK) Technology Limited. The operational creditor was appointed as a sub-distributor as per an agreement dated 15.04.2015.
M/s Park Network Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 against M/s. PP Telecell Marketing Pvt. Ltd. (Corporate Debtor) for an operational debt of Rs. 20,02,872/-. The Operational Creditor was a sub-distributor of the Corporate Debtor, who was an authorized distributor of M/s Syntech (HK) Technology Limited. Transactions occurred between April 2015 and August 2018. The Corporate Debtor admitted the due amount in an email dated 05.01.2019. The Operational Creditor issued a demand notice in Form 4 dated 02.05.2019. The Corporate Debtor replied on 24.05.2019, raising a dispute. The Corporate Debtor claimed that the amount was to be settled by M/s Gionee, and that there was an arbitration clause
…Operational Creditor…
Transactions occurred…