The case involves an application filed by Wipro Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Avesthagen Limited, the Corporate Debtor, due to an alleged default in payment of outstanding dues. The Operational Creditor and Corporate Debtor entered into a Service Agreement on 22.11.2021 for research services, with subsequent Statements of Work (SOW-I and SOW-II) specifying the services to be rendered and the associated fees. The Operational Creditor claims that the Corporate Debtor defaulted on payments for services rendered under both SOW-I and SOW-II, leading to the filing of the application.
Wipro Limited (Operational Creditor) and Avesthagen Limited (Corporate Debtor) entered into a Service Agreement on 22.11.2021 for research services. The agreement was supplemented by Statements of Work (SOW-I and SOW-II) outlining specific services and fees. Wipro claims Avesthagen defaulted on payments totaling Rs.2,38,15,350/- and USD.1,578,132. The date of default for the Rupee amount is 19.01.2023 and for the USD amount is 12.05.2023. Wipro issued legal notices and a demand notice to Avesthagen, but received no response. Avesthagen contends that Wipro's services were deficient, incomplete, and that invoices were raised for work not performed. Avesthagen also claims a counter claim of USD 2.6 million against Wipro for financial losses. Avesthagen further argues that
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Operational Creditor…
Preliminary SOW-I…
The case involves an application filed by Wipro Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Avesthagen Limited, the Corporate Debtor, due to an alleged default in payment of outstanding dues. The Operational Creditor and Corporate Debtor entered into a Service Agreement on 22.11.2021 for research services, with subsequent Statements of Work (SOW-I and SOW-II) specifying the services to be rendered and the associated fees. The Operational Creditor claims that the Corporate Debtor defaulted on payments for services rendered under both SOW-I and SOW-II, leading to the filing of the application.
Wipro Limited (Operational Creditor) and Avesthagen Limited (Corporate Debtor) entered into a Service Agreement on 22.11.2021 for research services. The agreement was supplemented by Statements of Work (SOW-I and SOW-II) outlining specific services and fees. Wipro claims Avesthagen defaulted on payments totaling Rs.2,38,15,350/- and USD.1,578,132. The date of default for the Rupee amount is 19.01.2023 and for the USD amount is 12.05.2023. Wipro issued legal notices and a demand notice to Avesthagen, but received no response. Avesthagen contends that Wipro's services were deficient, incomplete, and that invoices were raised for work not performed. Avesthagen also claims a counter claim of USD 2.6 million against Wipro for financial losses. Avesthagen further argues that
…Operational Creditor…
Preliminary SOW-I…