Diligent Media Corporation Limited filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Datalink Multi Trading Private Limited. The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 16,70,23,315/- related to an operational debt arising from a Memorandum of Understanding (MOU) where the Corporate Debtor was to provide services related to the acquisition and purchase of land. The Operational Creditor had advanced Rs. 13,87,50,000/- towards this transaction.
Diligent Media Corporation Limited (Operational Creditor) sought to initiate Corporate Insolvency Resolution Process (CIRP) against Datalink Multi Trading Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor and Corporate Debtor entered into a Memorandum of Understanding (MOU) dated 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/- which was later reduced to Rs. 13,87,50,000/-. The Corporate Debtor failed to arrange the premises as per the specifications in the MOU. The Operational Creditor requested repayment of the advanced monies on
…Sign in to view the parties.
Memorandum of Understanding (MOU) executed…
Parties agreed to defer…
Diligent Media Corporation Limited filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Datalink Multi Trading Private Limited. The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 16,70,23,315/- related to an operational debt arising from a Memorandum of Understanding (MOU) where the Corporate Debtor was to provide services related to the acquisition and purchase of land. The Operational Creditor had advanced Rs. 13,87,50,000/- towards this transaction.
Diligent Media Corporation Limited (Operational Creditor) sought to initiate Corporate Insolvency Resolution Process (CIRP) against Datalink Multi Trading Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor and Corporate Debtor entered into a Memorandum of Understanding (MOU) dated 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/- which was later reduced to Rs. 13,87,50,000/-. The Corporate Debtor failed to arrange the premises as per the specifications in the MOU. The Operational Creditor requested repayment of the advanced monies on
…Memorandum of Understanding (MOU) executed…
Parties agreed to defer…