M/s. Drive India Enterprise Solutions Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. BTM Exports Limited, alleging a default of Rs.7,77,78,667/-. The Operational Creditor and Corporate Debtor had a Master Agreement where the Operational Creditor was appointed as the 'National Distributor' for telecommunication devices. The Operational Creditor was to open Letters of Credit (LCs) for suppliers identified by the Corporate Debtor. The Corporate Debtor was responsible for the sale and collection of proceeds. The Master Agreement was amended in 2017, stating the Corporate Debtor would bear statutory claims. The Operational Creditor provided services until
…M/s. Drive India Enterprise Solutions Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. BTM Exports Limited (Corporate Debtor), alleging a default of Rs.7,77,78,667/-, later revised to Rs. 3,22,84,414/-. The basis for the claim was a Master Agreement where the Operational Creditor was appointed as the 'National Distributor' for telecommunication devices by the Corporate Debtor. The Operational Creditor was to open Letters of Credit (LCs) for suppliers identified by the Corporate Debtor. The Corporate Debtor was responsible for the sale and collection of proceeds. The Master Agreement was amended in 2017, stating the Corporate Debtor
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M/s. Drive India Enterprise Solutions Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. BTM Exports Limited, alleging a default of Rs.7,77,78,667/-. The Operational Creditor and Corporate Debtor had a Master Agreement where the Operational Creditor was appointed as the 'National Distributor' for telecommunication devices. The Operational Creditor was to open Letters of Credit (LCs) for suppliers identified by the Corporate Debtor. The Corporate Debtor was responsible for the sale and collection of proceeds. The Master Agreement was amended in 2017, stating the Corporate Debtor would bear statutory claims. The Operational Creditor provided services until
…M/s. Drive India Enterprise Solutions Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. BTM Exports Limited (Corporate Debtor), alleging a default of Rs.7,77,78,667/-, later revised to Rs. 3,22,84,414/-. The basis for the claim was a Master Agreement where the Operational Creditor was appointed as the 'National Distributor' for telecommunication devices by the Corporate Debtor. The Operational Creditor was to open Letters of Credit (LCs) for suppliers identified by the Corporate Debtor. The Corporate Debtor was responsible for the sale and collection of proceeds. The Master Agreement was amended in 2017, stating the Corporate Debtor
…Operational Creditor…
The Master Agreement…