M/s Transline Technologies Limited, claiming to be 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 Experio Tech Private Limited, the corporate debtor. The operational creditor claimed an outstanding debt of Rs. 3,87,90,800/-. The corporate debtor disputed the claim, asserting that the relationship between the parties was not that of an operational creditor and corporate debtor, but rather a joint venture or profit-sharing arrangement. The corporate debtor also claimed that a full and final settlement had taken place on 01.06.2022.
M/s Transline Technologies 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 Experio Tech Private Limited (Corporate Debtor). Transline claimed an outstanding debt of Rs. 3,87,90,800/- based on the supply of IT-related electronic equipment to Experio Tech. Five invoices were raised between 23.10.2021 and 10.12.2021, totaling Rs. 5,34,92,510/-. Experio Tech also took financial assistance of Rs. 20,98,290/- from Transline on 22.09.2021. Experio Tech made a part-payment of Rs. 1,68,00,000/- on 01.06.2022, which was adjusted against the financial assistance. Transline issued a demand notice dated 12.01.2023 under Section 8 of the Code.
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The Operational Creditor issued a Demand Notice…
The Corporate Debtor…
M/s Transline Technologies Limited, claiming to be 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 Experio Tech Private Limited, the corporate debtor. The operational creditor claimed an outstanding debt of Rs. 3,87,90,800/-. The corporate debtor disputed the claim, asserting that the relationship between the parties was not that of an operational creditor and corporate debtor, but rather a joint venture or profit-sharing arrangement. The corporate debtor also claimed that a full and final settlement had taken place on 01.06.2022.
M/s Transline Technologies 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 Experio Tech Private Limited (Corporate Debtor). Transline claimed an outstanding debt of Rs. 3,87,90,800/- based on the supply of IT-related electronic equipment to Experio Tech. Five invoices were raised between 23.10.2021 and 10.12.2021, totaling Rs. 5,34,92,510/-. Experio Tech also took financial assistance of Rs. 20,98,290/- from Transline on 22.09.2021. Experio Tech made a part-payment of Rs. 1,68,00,000/- on 01.06.2022, which was adjusted against the financial assistance. Transline issued a demand notice dated 12.01.2023 under Section 8 of the Code.
…The Operational Creditor issued a Demand Notice…
The Corporate Debtor…