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 business venture with profit-sharing arrangements. The corporate debtor also claimed that a full and final settlement had occurred 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. The invoices were raised between 23.10.2021 and 10.12.2021. Experio Tech made a part payment of Rs. 1,68,00,000/- on 01.06.2022. Transline issued a demand notice on 12.01.2023, which Experio Tech replied to on 23.01.2023. Experio Tech argued that the relationship was not that of an operational creditor and corporate debtor, but a joint business venture with profit-sharing. They cited
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Operational C…
Operational C…
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 business venture with profit-sharing arrangements. The corporate debtor also claimed that a full and final settlement had occurred 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. The invoices were raised between 23.10.2021 and 10.12.2021. Experio Tech made a part payment of Rs. 1,68,00,000/- on 01.06.2022. Transline issued a demand notice on 12.01.2023, which Experio Tech replied to on 23.01.2023. Experio Tech argued that the relationship was not that of an operational creditor and corporate debtor, but a joint business venture with profit-sharing. They cited
…Operational C…
Operational C…