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 amount of Rs. 3,87,90,800/- due to the supply of IT-related electronic equipment. The Corporate Debtor argued 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, supported by a Memorandum of Understanding (MoU) dated 03.09.2021. The Corporate Debtor also contended 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). The Operational Creditor claimed an outstanding amount of Rs. 3,87,90,800/- based on 5 invoices for the supply of IT-related electronic equipment. The invoices were dated 23.10.2021, 16.11.2021, 16.11.2021, 03.12.2021 and 10.12.2021. The latest date of default was 11.01.2022. The Operational Creditor issued a Demand Notice dated 12.01.2023 under Section 8 of the Code. The Corporate Debtor, in its reply dated 23.01.2023, disputed the claim and asserted that the relationship was not that of an Operational Creditor
…Sign in to view the parties.
An agreement in the form of MoU was entered…
One of the five…
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 amount of Rs. 3,87,90,800/- due to the supply of IT-related electronic equipment. The Corporate Debtor argued 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, supported by a Memorandum of Understanding (MoU) dated 03.09.2021. The Corporate Debtor also contended 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). The Operational Creditor claimed an outstanding amount of Rs. 3,87,90,800/- based on 5 invoices for the supply of IT-related electronic equipment. The invoices were dated 23.10.2021, 16.11.2021, 16.11.2021, 03.12.2021 and 10.12.2021. The latest date of default was 11.01.2022. The Operational Creditor issued a Demand Notice dated 12.01.2023 under Section 8 of the Code. The Corporate Debtor, in its reply dated 23.01.2023, disputed the claim and asserted that the relationship was not that of an Operational Creditor
…An agreement in the form of MoU was entered…
One of the five…