Wipro Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Rahul Commerce Private Limited, the Corporate Debtor. The application was based on the alleged default in payment of Rs. 60,87,511.56, which included the principal amount and interest related to Annual Maintenance Charges (AMC) services provided by Wipro to Rahul Commerce. The Corporate Debtor allegedly failed to make payments as per the terms of the AMC agreement, leading to the filing of the CIRP application.
Wipro Limited (Operational Creditor) provided Annual Maintenance Charges (AMC) services to Rahul Commerce Private Limited (Corporate Debtor) for certain equipment at MSTC Limited in Kolkata, under mutually agreed terms from October 24, 2014, to October 23, 2017. The Corporate Debtor failed to make payments for these services. As of June 30, 2019, the outstanding amount, including interest calculated at 18% per annum, totaled Rs. 60,87,511.56. While the Corporate Debtor made some payments totaling Rs. 34,59,774.38 against an invoice dated December 03, 2014, and Rs. 30,00,000 against an invoice dated October 24, 2015, a balance remained due from invoices dated October 24, 2015, and November 04, 2016. Wipro issued a demand notice on January 22, 2018, and a statutory
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Wipro Limited began providing Annual Maintenance…
The period for providing Annual Maintenance…
Wipro Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Rahul Commerce Private Limited, the Corporate Debtor. The application was based on the alleged default in payment of Rs. 60,87,511.56, which included the principal amount and interest related to Annual Maintenance Charges (AMC) services provided by Wipro to Rahul Commerce. The Corporate Debtor allegedly failed to make payments as per the terms of the AMC agreement, leading to the filing of the CIRP application.
Wipro Limited (Operational Creditor) provided Annual Maintenance Charges (AMC) services to Rahul Commerce Private Limited (Corporate Debtor) for certain equipment at MSTC Limited in Kolkata, under mutually agreed terms from October 24, 2014, to October 23, 2017. The Corporate Debtor failed to make payments for these services. As of June 30, 2019, the outstanding amount, including interest calculated at 18% per annum, totaled Rs. 60,87,511.56. While the Corporate Debtor made some payments totaling Rs. 34,59,774.38 against an invoice dated December 03, 2014, and Rs. 30,00,000 against an invoice dated October 24, 2015, a balance remained due from invoices dated October 24, 2015, and November 04, 2016. Wipro issued a demand notice on January 22, 2018, and a statutory
…Wipro Limited began providing Annual Maintenance…
The period for providing Annual Maintenance…