The Operational Creditor, Jaiprakash Associates Limited, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Fairstreet Sports Private Limited, the Corporate Debtor. The application was based on outstanding dues amounting to Rs. 18,22,11,629/- with the date of default being 24.07.2023. The Corporate Debtor had approached the Operational Creditor with a proposal to organize the MotoGP race annually from 2023 to 2029 at the Buddh International Circuit (BIC), leading to the execution of a Memorandum of Understanding (MoU) on 20.06.2023. The Operational Creditor provided services and infrastructure as per the MoU, but the Corporate Debtor was irregular in making payments.
Jaiprakash Associates Limited (Operational Creditor) and Fairstreet Sports Private Limited (Corporate Debtor) entered into a Memorandum of Understanding (MoU) on 20.06.2023, for organizing the MotoGP race annually from 2023 to 2029 at the Buddh International Circuit (BIC). As per the MoU, the Operational Creditor was to provide services and infrastructure, and the Corporate Debtor was to make payments as per the agreed terms. The Operational Creditor raised invoices and debit notes for the services provided. The Corporate Debtor made partial payments but defaulted on the outstanding amount. The first invoice, dated 22.07.2023, for Rs. 3,61,08,000/-, had a remaining outstanding of Rs. 1,61,08,000/-. The total outstanding amount, including other invoices and debit notes,
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Jaiprakash Associates Limited and Fairstreet…
Operational Creditor…
The Operational Creditor, Jaiprakash Associates Limited, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Fairstreet Sports Private Limited, the Corporate Debtor. The application was based on outstanding dues amounting to Rs. 18,22,11,629/- with the date of default being 24.07.2023. The Corporate Debtor had approached the Operational Creditor with a proposal to organize the MotoGP race annually from 2023 to 2029 at the Buddh International Circuit (BIC), leading to the execution of a Memorandum of Understanding (MoU) on 20.06.2023. The Operational Creditor provided services and infrastructure as per the MoU, but the Corporate Debtor was irregular in making payments.
Jaiprakash Associates Limited (Operational Creditor) and Fairstreet Sports Private Limited (Corporate Debtor) entered into a Memorandum of Understanding (MoU) on 20.06.2023, for organizing the MotoGP race annually from 2023 to 2029 at the Buddh International Circuit (BIC). As per the MoU, the Operational Creditor was to provide services and infrastructure, and the Corporate Debtor was to make payments as per the agreed terms. The Operational Creditor raised invoices and debit notes for the services provided. The Corporate Debtor made partial payments but defaulted on the outstanding amount. The first invoice, dated 22.07.2023, for Rs. 3,61,08,000/-, had a remaining outstanding of Rs. 1,61,08,000/-. The total outstanding amount, including other invoices and debit notes,
…Jaiprakash Associates Limited and Fairstreet…
Operational Creditor…