M/S Brand Realty Services LTD. (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, read with Rule 6 of the IBC, 2016, against M/S Sir John Bakeries India Pvt. Ltd. (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed to be a consultant and investor for the Corporate Debtor, providing advisory services and investing in setting up a retail outlet. An agreement was entered into between the parties on 2014-11-28, which was ratified by an Account Settlement Agreement dated 2018-06-15. Disputes arose regarding payments, leading to dishonored cheques and a demand notice served by the Operational Creditor. The Corporate Debtor denied any liability,
…M/S Brand Realty Services LTD. (Operational Creditor) provided consultancy and investment services to M/S Sir John Bakeries India Pvt. Ltd. (Corporate Debtor) for setting up a retail outlet. An agreement was executed on 2014-11-28, followed by an Account Settlement Agreement on 2018-06-15. The Corporate Debtor issued post-dated cheques (PDCs) for outstanding amounts. The Corporate Debtor requested the Operational Creditor to hold the cheques, promising RTGS transfers instead, which were not executed. Cheques were dishonored due to 'Stop Payment'. The Operational Creditor served a legal notice on 2019-04-30, followed by a demand notice under the IBC. The Corporate Debtor replied, denying liability and claiming a prior settlement on 2017-12-19 for Rs. 21,66,511. The
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The Operational…
The initial agreement…
M/S Brand Realty Services LTD. (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, read with Rule 6 of the IBC, 2016, against M/S Sir John Bakeries India Pvt. Ltd. (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed to be a consultant and investor for the Corporate Debtor, providing advisory services and investing in setting up a retail outlet. An agreement was entered into between the parties on 2014-11-28, which was ratified by an Account Settlement Agreement dated 2018-06-15. Disputes arose regarding payments, leading to dishonored cheques and a demand notice served by the Operational Creditor. The Corporate Debtor denied any liability,
…M/S Brand Realty Services LTD. (Operational Creditor) provided consultancy and investment services to M/S Sir John Bakeries India Pvt. Ltd. (Corporate Debtor) for setting up a retail outlet. An agreement was executed on 2014-11-28, followed by an Account Settlement Agreement on 2018-06-15. The Corporate Debtor issued post-dated cheques (PDCs) for outstanding amounts. The Corporate Debtor requested the Operational Creditor to hold the cheques, promising RTGS transfers instead, which were not executed. Cheques were dishonored due to 'Stop Payment'. The Operational Creditor served a legal notice on 2019-04-30, followed by a demand notice under the IBC. The Corporate Debtor replied, denying liability and claiming a prior settlement on 2017-12-19 for Rs. 21,66,511. The
…The Operational…
The initial agreement…