Pro Sportify Private Limited, the Operational Creditor, filed a petition for the initiation of the Corporate Insolvency Resolution Process (CIRP) against Vivid IT Solutions Private Limited, the Corporate Debtor, due to its inability to liquidate its operational debt. Pro Sportify is engaged in sports management and conducts the Pro Wrestling League. As a franchisor, it grants franchise rights to corporates for payment of an annual franchisee fee. In November 2017, Vivid IT Solutions approached Pro Sportify for the franchisee rights of the Maharashtra Team for Season-3 of the Pro Wrestling League, scheduled for January 2018. An agreement was executed on 2017-12-01, where Vivid IT Solutions agreed to pay Rs. 3 Crores within 60 days from the date of the player's auction,
…Pro Sportify Private Limited (Operational Creditor) is in the business of sports management and conducts the Pro Wrestling League. They grant franchise rights to corporates for an annual fee. Vivid IT Solutions Private Limited (Corporate Debtor) approached Pro Sportify in November 2017 for the franchisee rights of the Maharashtra Team for Season-3 of the Pro Wrestling League, scheduled for January 2018. An agreement was executed on 2017-12-01, where Vivid IT Solutions agreed to pay Rs. 3 Crores within 60 days from the date of the player's auction, plus Rs. 2,00,00,000/- directly to the players. Vivid IT Solutions made a partial payment of Rs. 1,50,00,000/-. Due to financial problems, Vivid IT Solutions requested a discount, and Pro Sportify reduced the fee by Rs.
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Vivid IT Solutions approached Pro Sportify for…
Agreement executed between Pro Sportify and…
Pro Sportify Private Limited, the Operational Creditor, filed a petition for the initiation of the Corporate Insolvency Resolution Process (CIRP) against Vivid IT Solutions Private Limited, the Corporate Debtor, due to its inability to liquidate its operational debt. Pro Sportify is engaged in sports management and conducts the Pro Wrestling League. As a franchisor, it grants franchise rights to corporates for payment of an annual franchisee fee. In November 2017, Vivid IT Solutions approached Pro Sportify for the franchisee rights of the Maharashtra Team for Season-3 of the Pro Wrestling League, scheduled for January 2018. An agreement was executed on 2017-12-01, where Vivid IT Solutions agreed to pay Rs. 3 Crores within 60 days from the date of the player's auction,
…Pro Sportify Private Limited (Operational Creditor) is in the business of sports management and conducts the Pro Wrestling League. They grant franchise rights to corporates for an annual fee. Vivid IT Solutions Private Limited (Corporate Debtor) approached Pro Sportify in November 2017 for the franchisee rights of the Maharashtra Team for Season-3 of the Pro Wrestling League, scheduled for January 2018. An agreement was executed on 2017-12-01, where Vivid IT Solutions agreed to pay Rs. 3 Crores within 60 days from the date of the player's auction, plus Rs. 2,00,00,000/- directly to the players. Vivid IT Solutions made a partial payment of Rs. 1,50,00,000/-. Due to financial problems, Vivid IT Solutions requested a discount, and Pro Sportify reduced the fee by Rs.
…Vivid IT Solutions approached Pro Sportify for…
Agreement executed between Pro Sportify and…