Diligent Media Corporation Limited, the Operational Creditor, filed a Company Petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Datalink Multi Trading Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor defaulted on an operational debt of Rs. 16,70,23,315/-. The Operational Creditor had engaged the Corporate Debtor for services related to the acquisition and purchase of land, advancing Rs. 13,87,50,000/- as an advance. The Corporate Debtor failed to arrange the premises as per the specifications in the MOU, leading to the default.
Diligent Media Corporation Limited (Operational Creditor) filed a petition against Datalink Multi Trading Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The Operational Creditor and Corporate Debtor entered into a Memorandum of Understanding (MOU) on April 1, 2019, where the Corporate Debtor was to provide services related to the acquisition and purchase of land admeasuring 25,000 square meters at Hyderabad. The Operational Creditor advanced Rs. 15,00,00,000/- towards this transaction, later reduced to Rs. 13,87,50,000/-. The Corporate Debtor failed to arrange the premises as per the MOU specifications. The Operational Creditor sent a letter on February 1, 2020, requesting repayment, but
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Diligent Media Corporation Limited, the Operational Creditor, filed a Company Petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Datalink Multi Trading Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor defaulted on an operational debt of Rs. 16,70,23,315/-. The Operational Creditor had engaged the Corporate Debtor for services related to the acquisition and purchase of land, advancing Rs. 13,87,50,000/- as an advance. The Corporate Debtor failed to arrange the premises as per the specifications in the MOU, leading to the default.
Diligent Media Corporation Limited (Operational Creditor) filed a petition against Datalink Multi Trading Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The Operational Creditor and Corporate Debtor entered into a Memorandum of Understanding (MOU) on April 1, 2019, where the Corporate Debtor was to provide services related to the acquisition and purchase of land admeasuring 25,000 square meters at Hyderabad. The Operational Creditor advanced Rs. 15,00,00,000/- towards this transaction, later reduced to Rs. 13,87,50,000/-. The Corporate Debtor failed to arrange the premises as per the MOU specifications. The Operational Creditor sent a letter on February 1, 2020, requesting repayment, but
…The Operational Creditor and Corporate Debtor…
The date of de…