The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by M/s Innovoprism Trading LLC (Operational Creditor) against Allgovision Technologies Private Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP) due to an alleged default of Rs. 1,34,45,734/-. The Operational Creditor claims the Corporate Debtor defaulted on payments related to commission invoices raised under a 'Marketing Service Agreement'. The Corporate Debtor disputes the claim, citing pre-existing disputes regarding the invoices and termination of agreements.
M/s Innovoprism Trading LLC, an entity under the laws of UAE, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Allgovision Technologies Private Limited, an Indian company. The claim is based on an alleged default of Rs. 1,34,45,734/-. The Operational Creditor and Corporate Debtor entered into a 'Marketing Service Agreement' where the Operational Creditor was to provide marketing and sales representation in the UAE and Middle East, earning commissions on invoiced values. The Operational Creditor secured four orders from different companies. Honeywell paid 50% of a purchase order, which the respondent also paid to the petitioner. The respondent terminated the agreement with the petitioner on 04.03.2021. The petitioner raised invoices
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The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by M/s Innovoprism Trading LLC (Operational Creditor) against Allgovision Technologies Private Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP) due to an alleged default of Rs. 1,34,45,734/-. The Operational Creditor claims the Corporate Debtor defaulted on payments related to commission invoices raised under a 'Marketing Service Agreement'. The Corporate Debtor disputes the claim, citing pre-existing disputes regarding the invoices and termination of agreements.
M/s Innovoprism Trading LLC, an entity under the laws of UAE, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Allgovision Technologies Private Limited, an Indian company. The claim is based on an alleged default of Rs. 1,34,45,734/-. The Operational Creditor and Corporate Debtor entered into a 'Marketing Service Agreement' where the Operational Creditor was to provide marketing and sales representation in the UAE and Middle East, earning commissions on invoiced values. The Operational Creditor secured four orders from different companies. Honeywell paid 50% of a purchase order, which the respondent also paid to the petitioner. The respondent terminated the agreement with the petitioner on 04.03.2021. The petitioner raised invoices
…The Insolven…
Corporate debtor…