The case involves an application filed by Mr. Kuldeep, the sole proprietor of M/s Mahalaxmi Electronics, against M/s Future Netwings Solutions Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the corporate insolvency resolution process (CIRP). The dispute arises from a Memorandum of Understanding (MoU) between the parties, where M/s Mahalaxmi Electronics was to facilitate the sale of M/s Future Netwings Solutions Pvt. Ltd.'s goods for the 'Re-development of ITPO Complex' project. The operational creditor claims that the corporate debtor failed to pay the agreed commission of 10% on sales, leading to a debt of Rs. 1,26,50,000/-. The operational creditor served demand notices, which were disputed by the corporate debtor.
Mr. Kuldeep, the sole proprietor of M/s Mahalaxmi Electronics (Operational Creditor), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Future Netwings Solutions Pvt. Ltd. (Corporate Debtor). The case stems from a Memorandum of Understanding (MoU) dated 2018-06-01, where the Operational Creditor was to facilitate the sale of the Corporate Debtor's goods (Comscope passive component and Cisco Active component and telephony) for the 'Re-development of ITPO Complex' project at Pragati Maidan, New Delhi. The MoU stipulated that the Corporate Debtor would pay the Operational Creditor a 10% commission on sales. The Operational Creditor claims that the Corporate Debtor failed to pay the commission on sales amounting to Rs.
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The Operational Creditor and Corporate Debtor…
The Corporate Debtor acknowledged a supply of…
The case involves an application filed by Mr. Kuldeep, the sole proprietor of M/s Mahalaxmi Electronics, against M/s Future Netwings Solutions Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the corporate insolvency resolution process (CIRP). The dispute arises from a Memorandum of Understanding (MoU) between the parties, where M/s Mahalaxmi Electronics was to facilitate the sale of M/s Future Netwings Solutions Pvt. Ltd.'s goods for the 'Re-development of ITPO Complex' project. The operational creditor claims that the corporate debtor failed to pay the agreed commission of 10% on sales, leading to a debt of Rs. 1,26,50,000/-. The operational creditor served demand notices, which were disputed by the corporate debtor.
Mr. Kuldeep, the sole proprietor of M/s Mahalaxmi Electronics (Operational Creditor), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Future Netwings Solutions Pvt. Ltd. (Corporate Debtor). The case stems from a Memorandum of Understanding (MoU) dated 2018-06-01, where the Operational Creditor was to facilitate the sale of the Corporate Debtor's goods (Comscope passive component and Cisco Active component and telephony) for the 'Re-development of ITPO Complex' project at Pragati Maidan, New Delhi. The MoU stipulated that the Corporate Debtor would pay the Operational Creditor a 10% commission on sales. The Operational Creditor claims that the Corporate Debtor failed to pay the commission on sales amounting to Rs.
…The Operational Creditor and Corporate Debtor…
The Corporate Debtor acknowledged a supply of…