The case involves a petition filed by M/s. Famous Innovations Digital Creative Private Limited (Operational Creditor) against M/s. Umaiyal Enterprises Services Private Limited (Corporate Debtor) under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs. 17,87,141/- including principal and interest at 18% p.a. based on a Service Agreement. The Corporate Debtor allegedly breached the agreement by halting services and failing to make payments. The Operational Creditor issued a demand notice, which the Corporate Debtor replied to, denying the allegations. The Tribunal noted that the Operational Creditor failed to serve notices on the Respondent.
M/s. Famous Innovations Digital Creative Private Limited (Operational Creditor) filed a petition against M/s. Umaiyal Enterprises Services Private Limited (Corporate Debtor) under Section 9 of the IBC, 2016. The Operational Creditor and Corporate Debtor entered into a Service Agreement on 13.12.2018, effective from 01.12.2018, where the Operational Creditor would provide services for a retainer fee of Rs. 5,00,000/- for six months. On 23.01.2019, the Corporate Debtor informed the Operational Creditor to halt services, which the Operational Creditor considered a breach. The Operational Creditor continued providing services until March 2019 and raised invoices. The Corporate Debtor failed to make payments, leading the Operational Creditor to issue a Demand Notice on
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The case involves a petition filed by M/s. Famous Innovations Digital Creative Private Limited (Operational Creditor) against M/s. Umaiyal Enterprises Services Private Limited (Corporate Debtor) under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default of Rs. 17,87,141/- including principal and interest at 18% p.a. based on a Service Agreement. The Corporate Debtor allegedly breached the agreement by halting services and failing to make payments. The Operational Creditor issued a demand notice, which the Corporate Debtor replied to, denying the allegations. The Tribunal noted that the Operational Creditor failed to serve notices on the Respondent.
M/s. Famous Innovations Digital Creative Private Limited (Operational Creditor) filed a petition against M/s. Umaiyal Enterprises Services Private Limited (Corporate Debtor) under Section 9 of the IBC, 2016. The Operational Creditor and Corporate Debtor entered into a Service Agreement on 13.12.2018, effective from 01.12.2018, where the Operational Creditor would provide services for a retainer fee of Rs. 5,00,000/- for six months. On 23.01.2019, the Corporate Debtor informed the Operational Creditor to halt services, which the Operational Creditor considered a breach. The Operational Creditor continued providing services until March 2019 and raised invoices. The Corporate Debtor failed to make payments, leading the Operational Creditor to issue a Demand Notice on
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Corporate Debtor sent…