Peerless Consultancy Services Pvt. Ltd. filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against United News of India, claiming an outstanding operational debt. The Corporate Debtor was interested in setting up a UNI Digital Media and Satellite Channel and was looking for a strategic partner. The petitioner expressed interest and provided a cheque of Rs. 1.5 Crores, which was encashed. An agreement was supposed to be executed within 30 days, but the parties couldn't agree on the terms. The petitioner issued a statutory demand notice, which was received by the respondent. The respondent resisted the petition, raising objections.
Peerless Consultancy Services Pvt. Ltd. (the petitioner) filed a petition against United News of India (the respondent/Corporate Debtor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of insolvency proceedings. The Corporate Debtor was planning to establish a UNI Digital Media and Satellite Channel and sought a strategic partner. The petitioner showed interest and provided a cheque of Rs. 1.5 Crores, dated January 5, 2015, which was duly encashed. The understanding was that an agreement would be executed within 30 days. However, the parties failed to agree on the terms and conditions, and the amount was to be returned by the Corporate Debtor. Despite a legal notice, the Corporate Debtor failed to liquidate the debt. A statutory demand
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Petitioner issued a…
Petitioner issued a…
Peerless Consultancy Services Pvt. Ltd. filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against United News of India, claiming an outstanding operational debt. The Corporate Debtor was interested in setting up a UNI Digital Media and Satellite Channel and was looking for a strategic partner. The petitioner expressed interest and provided a cheque of Rs. 1.5 Crores, which was encashed. An agreement was supposed to be executed within 30 days, but the parties couldn't agree on the terms. The petitioner issued a statutory demand notice, which was received by the respondent. The respondent resisted the petition, raising objections.
Peerless Consultancy Services Pvt. Ltd. (the petitioner) filed a petition against United News of India (the respondent/Corporate Debtor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of insolvency proceedings. The Corporate Debtor was planning to establish a UNI Digital Media and Satellite Channel and sought a strategic partner. The petitioner showed interest and provided a cheque of Rs. 1.5 Crores, dated January 5, 2015, which was duly encashed. The understanding was that an agreement would be executed within 30 days. However, the parties failed to agree on the terms and conditions, and the amount was to be returned by the Corporate Debtor. Despite a legal notice, the Corporate Debtor failed to liquidate the debt. A statutory demand
…Petitioner issued a…
Petitioner issued a…