The case involves an application filed by D.B. Corp Ltd (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against AG8 Ventures Private Limited (Corporate Debtor). The Operational Creditor claims a default amount of Rs 10,77,17,000/- arising from barter agreements where the Corporate Debtor was to provide cash and transfer/sale of units in exchange for advertisement services. The Corporate Debtor failed to transfer/sell 19 units aggregating to Rs 5,25,89,000/-.
D.B. Corp Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against AG8 Ventures Private Limited (Corporate Debtor). The claim is for Rs 10,77,17,000/-, with Rs 5,25,89,000/- outstanding towards the principle and Rs 5,51,28,000/- as interest. The debt arose from barter agreements between 29.09.2010 and 13.08.2019, where the Corporate Debtor was to provide advertisement services in exchange for cash and transfer/sale of units. The Operational Creditor provided advertisement services worth Rs 11,74,22,441/-. Out of 41 units (Rs 11,73,36,000/-), only 22 units were discharged. The remaining 19 units (Rs 5,25,89,000/-) were not handed over. The Operational Creditor sent a legal notice on 30.12.2021
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The case involves an application filed by D.B. Corp Ltd (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against AG8 Ventures Private Limited (Corporate Debtor). The Operational Creditor claims a default amount of Rs 10,77,17,000/- arising from barter agreements where the Corporate Debtor was to provide cash and transfer/sale of units in exchange for advertisement services. The Corporate Debtor failed to transfer/sell 19 units aggregating to Rs 5,25,89,000/-.
D.B. Corp Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against AG8 Ventures Private Limited (Corporate Debtor). The claim is for Rs 10,77,17,000/-, with Rs 5,25,89,000/- outstanding towards the principle and Rs 5,51,28,000/- as interest. The debt arose from barter agreements between 29.09.2010 and 13.08.2019, where the Corporate Debtor was to provide advertisement services in exchange for cash and transfer/sale of units. The Operational Creditor provided advertisement services worth Rs 11,74,22,441/-. Out of 41 units (Rs 11,73,36,000/-), only 22 units were discharged. The remaining 19 units (Rs 5,25,89,000/-) were not handed over. The Operational Creditor sent a legal notice on 30.12.2021
…Operational Creditor…
The period of…