Drive India Enterprises Solutions Ltd. filed a petition as an operational creditor against The Mobile Store Services Ltd. to initiate Corporate Insolvency Resolution Process (CIRP) due to an outstanding operational debt of ₹6,50,26,151. The debt arose from unpaid invoices for the supply of goods/products (mobiles of Gionee and Oppo). The petitioner claimed that the corporate debtor failed to pay the invoices as per the terms of trade (TOT-1 and TOT-2) and purchase orders. The operational creditor served a demand notice under Section 8 of the Insolvency and Bankruptcy Code (IBC) on 25.09.2017.
Drive India Enterprises Solutions Ltd. (Operational Creditor) filed a petition against The Mobile Store Services Ltd. (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP) for an outstanding operational debt of ₹6,50,26,151. The debt arose from unpaid invoices for the supply of mobiles (Gionee and Oppo). The terms of trade were established through emails (TOT-1 for Gionee and TOT-2 for Oppo) and purchase orders. The Operational Creditor sent a demand notice on 25.09.2017, which was received by the Corporate Debtor on 27.09.2017. The Corporate Debtor admitted to a debt of ₹6,49,57,484, but a balance of ₹68,667 remained to be reconciled. The Corporate Debtor made some payments between April 2016 and October 2017 towards specific invoices.
…Sign in to view the parties.
Initial Terms of Trade…
Terms of Trade for Oppo…
Drive India Enterprises Solutions Ltd. filed a petition as an operational creditor against The Mobile Store Services Ltd. to initiate Corporate Insolvency Resolution Process (CIRP) due to an outstanding operational debt of ₹6,50,26,151. The debt arose from unpaid invoices for the supply of goods/products (mobiles of Gionee and Oppo). The petitioner claimed that the corporate debtor failed to pay the invoices as per the terms of trade (TOT-1 and TOT-2) and purchase orders. The operational creditor served a demand notice under Section 8 of the Insolvency and Bankruptcy Code (IBC) on 25.09.2017.
Drive India Enterprises Solutions Ltd. (Operational Creditor) filed a petition against The Mobile Store Services Ltd. (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP) for an outstanding operational debt of ₹6,50,26,151. The debt arose from unpaid invoices for the supply of mobiles (Gionee and Oppo). The terms of trade were established through emails (TOT-1 for Gionee and TOT-2 for Oppo) and purchase orders. The Operational Creditor sent a demand notice on 25.09.2017, which was received by the Corporate Debtor on 27.09.2017. The Corporate Debtor admitted to a debt of ₹6,49,57,484, but a balance of ₹68,667 remained to be reconciled. The Corporate Debtor made some payments between April 2016 and October 2017 towards specific invoices.
…Initial Terms of Trade…
Terms of Trade for Oppo…