Manipal Technologies Limited filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Reliance Communications Ltd., alleging that Reliance Communications defaulted in making repayment for goods worth ₹2,74,38,265/- availed from Manipal Technologies. The petitioner initiated the Insolvency Resolution Process against the Corporate Debtor.
Manipal Technologies Limited (the Petitioner) filed a petition against Reliance Communications Ltd. (the Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Petitioner claimed that the Corporate Debtor defaulted in making repayment for goods worth ₹2,74,38,265/-. The invoices for the goods were raised against Hewlett Packard Financial Services India Pvt. Ltd., not directly against Reliance Communications Ltd. The Petitioner argued that the transaction occurred between them and the Corporate Debtor, providing purchase orders and bank statements as evidence. The Corporate Debtor contended that since the invoices were raised against Hewlett Packard Financial Services India Pvt. Ltd., they had no obligation to pay. The court noted that the
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The Insolvency and…
The Petitioner filed…
Manipal Technologies Limited filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Reliance Communications Ltd., alleging that Reliance Communications defaulted in making repayment for goods worth ₹2,74,38,265/- availed from Manipal Technologies. The petitioner initiated the Insolvency Resolution Process against the Corporate Debtor.
Manipal Technologies Limited (the Petitioner) filed a petition against Reliance Communications Ltd. (the Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Petitioner claimed that the Corporate Debtor defaulted in making repayment for goods worth ₹2,74,38,265/-. The invoices for the goods were raised against Hewlett Packard Financial Services India Pvt. Ltd., not directly against Reliance Communications Ltd. The Petitioner argued that the transaction occurred between them and the Corporate Debtor, providing purchase orders and bank statements as evidence. The Corporate Debtor contended that since the invoices were raised against Hewlett Packard Financial Services India Pvt. Ltd., they had no obligation to pay. The court noted that the
…The Insolvency and…
The Petitioner filed…