Mr. Akshay Kumar Bhatia, an 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 Cue Learn Private Limited, the corporate debtor. The claim arose from an Endorsement Agreement dated March 8, 2021, where Bhatia was to provide endorsement services in exchange for a consideration of Rs. 8.10 crores. The agreement stipulated two tranches of payment, with the second tranche of Rs. 4.05 crores due on April 15, 2022, or seven days prior to the utilization of the second day of service. The corporate debtor made the first payment but failed to make the second payment, leading to the application for CIRP.
Mr. Akshay Kumar Bhatia, an actor, entered into an Endorsement Agreement with M/s Cue Learn Private Limited on March 8, 2021. Under the agreement, Bhatia was to provide endorsement services for a total consideration of Rs. 8.10 crores, payable in two tranches. The first tranche of Rs. 4.05 crores was paid on March 4, 2021, for services rendered on Day 1 (March 8, 2021). The second tranche of Rs. 4.05 crores was due on April 15, 2022, or seven days prior to the utilization of the second day of service. Cue Learn failed to make the second payment, citing ambiguity in the contract clauses concerning services for Day 2. Bhatia issued a demand notice on May 20, 2022, under Section 8 of the IBC. Bhatia then filed an application under Section 9 of the IBC to initiate CIRP
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Mr. Akshay Kumar Bhatia and M/s Cue Learn…
M/s Cue Learn Private Limited paid the first…
Mr. Akshay Kumar Bhatia, an 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 Cue Learn Private Limited, the corporate debtor. The claim arose from an Endorsement Agreement dated March 8, 2021, where Bhatia was to provide endorsement services in exchange for a consideration of Rs. 8.10 crores. The agreement stipulated two tranches of payment, with the second tranche of Rs. 4.05 crores due on April 15, 2022, or seven days prior to the utilization of the second day of service. The corporate debtor made the first payment but failed to make the second payment, leading to the application for CIRP.
Mr. Akshay Kumar Bhatia, an actor, entered into an Endorsement Agreement with M/s Cue Learn Private Limited on March 8, 2021. Under the agreement, Bhatia was to provide endorsement services for a total consideration of Rs. 8.10 crores, payable in two tranches. The first tranche of Rs. 4.05 crores was paid on March 4, 2021, for services rendered on Day 1 (March 8, 2021). The second tranche of Rs. 4.05 crores was due on April 15, 2022, or seven days prior to the utilization of the second day of service. Cue Learn failed to make the second payment, citing ambiguity in the contract clauses concerning services for Day 2. Bhatia issued a demand notice on May 20, 2022, under Section 8 of the IBC. Bhatia then filed an application under Section 9 of the IBC to initiate CIRP
…Mr. Akshay Kumar Bhatia and M/s Cue Learn…
M/s Cue Learn Private Limited paid the first…