Diligent Media Corporation Limited, the Operational Creditor/Applicant, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Gajank Telecommunications & IT Solutions Private Limited, the Corporate Debtor. The application was filed due to a default arising from a Memorandum of Understanding (MoU) dated 01.02.2019, where the Corporate Debtor was to provide residential premises to the Operational Creditor. The Operational Creditor had advanced Rs. 7,00,00,000/- on 25.02.2019 to the Corporate Debtor. The date of default was stated as 31.05.2019.
Diligent Media Corporation Limited (Operational Creditor) filed an application under Section 9 of the I&B Code to initiate CIRP against Gajank Telecommunications & IT Solutions Private Limited (Corporate Debtor). The application stemmed from a Memorandum of Understanding (MoU) dated 01.02.2019, where the Corporate Debtor was to provide residential premises to the Operational Creditor in Mumbai. The Operational Creditor advanced Rs. 7,00,00,000/- to the Corporate Debtor on 25.02.2019. The MoU contained conflicting clauses regarding the deadline for handing over the premises. Clause 3 stipulated a deadline of 30.05.2019, while clause 2 allowed two years from the date of execution. The Operational Creditor claimed a default date of 31.05.2019. The Operational
…Sign in to view the parties.
Memorandum of Understanding (MoU) entered…
Diligent Media Corporation Limited…
Diligent Media Corporation Limited, the Operational Creditor/Applicant, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Gajank Telecommunications & IT Solutions Private Limited, the Corporate Debtor. The application was filed due to a default arising from a Memorandum of Understanding (MoU) dated 01.02.2019, where the Corporate Debtor was to provide residential premises to the Operational Creditor. The Operational Creditor had advanced Rs. 7,00,00,000/- on 25.02.2019 to the Corporate Debtor. The date of default was stated as 31.05.2019.
Diligent Media Corporation Limited (Operational Creditor) filed an application under Section 9 of the I&B Code to initiate CIRP against Gajank Telecommunications & IT Solutions Private Limited (Corporate Debtor). The application stemmed from a Memorandum of Understanding (MoU) dated 01.02.2019, where the Corporate Debtor was to provide residential premises to the Operational Creditor in Mumbai. The Operational Creditor advanced Rs. 7,00,00,000/- to the Corporate Debtor on 25.02.2019. The MoU contained conflicting clauses regarding the deadline for handing over the premises. Clause 3 stipulated a deadline of 30.05.2019, while clause 2 allowed two years from the date of execution. The Operational Creditor claimed a default date of 31.05.2019. The Operational
…Memorandum of Understanding (MoU) entered…
Diligent Media Corporation Limited…