Future Power Technologies Private Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against SMR Entertainment Private Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on payments for the supply of set-top boxes. The corporate debtor contested the application, arguing that the operational creditor was a partner in the company and that there was no operational debt due.
Future Power Technologies Private Limited (Operational Creditor) is engaged in supplying set-top boxes. SMR Entertainment Private Limited (Corporate Debtor) is a Multi System Operator involved in the sale and installation of set-top boxes. The Corporate Debtor placed orders for set-top boxes with the Operational Creditor. The Operational Creditor supplied 2974 set-top boxes for Rs. 32,04,836/-. The Operational Creditor raised invoices for the supplied goods. No payments were received against the invoices. The Operational Creditor sent reminders to the Corporate Debtor. A meeting was held on 03.08.2019, where the Corporate Debtor undertook to clear the outstanding amount. The Corporate Debtor failed to share a draft MOU regarding the payment schedule. The Operational
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A meeting was held between the operational…
The operational creditor issued a demand…
Future Power Technologies Private Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against SMR Entertainment Private Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on payments for the supply of set-top boxes. The corporate debtor contested the application, arguing that the operational creditor was a partner in the company and that there was no operational debt due.
Future Power Technologies Private Limited (Operational Creditor) is engaged in supplying set-top boxes. SMR Entertainment Private Limited (Corporate Debtor) is a Multi System Operator involved in the sale and installation of set-top boxes. The Corporate Debtor placed orders for set-top boxes with the Operational Creditor. The Operational Creditor supplied 2974 set-top boxes for Rs. 32,04,836/-. The Operational Creditor raised invoices for the supplied goods. No payments were received against the invoices. The Operational Creditor sent reminders to the Corporate Debtor. A meeting was held on 03.08.2019, where the Corporate Debtor undertook to clear the outstanding amount. The Corporate Debtor failed to share a draft MOU regarding the payment schedule. The Operational
…A meeting was held between the operational…
The operational creditor issued a demand…