Sahaj Bharti Travels, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against HCL Technologies Limited, the corporate debtor. The application stems from a dispute over unpaid operational debt arising from a transport service agreement (ATS) between the parties. The agreement, dated 19.11.2015, was for the provision of transport services for a period of 3 years from 20.04.2015 to 30.04.2018, and was allegedly extended to 31.12.2018. The operational creditor claims that the corporate debtor failed to pay the minimum guarantee amount as per the agreement, leading to a default.
M/s. Sahaj Bharti Travels (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s. HCL Technologies Limited (Corporate Debtor) for unpaid operational debt. The debt arose from a transport service agreement (ATS) dated 19.11.2015, for a period of 3 years from 20.04.2015 to 30.04.2018, allegedly extended to 31.12.2018. The Operational Creditor claimed Rs. 3,54,10,565/- as unpaid operational debt, arising from the Minimum Guarantee Clause in the ATS. The Corporate Debtor contended that there was a pre-existing dispute, no debt was due, and the Operational Creditor did not raise invoices for the unpaid operational debt. The Corporate Debtor also argued that the petition was barred by limitation. The Operational
…Sign in to view the parties.
Transport Service Agreement (ATS) signed…
Commencement of…
Sahaj Bharti Travels, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against HCL Technologies Limited, the corporate debtor. The application stems from a dispute over unpaid operational debt arising from a transport service agreement (ATS) between the parties. The agreement, dated 19.11.2015, was for the provision of transport services for a period of 3 years from 20.04.2015 to 30.04.2018, and was allegedly extended to 31.12.2018. The operational creditor claims that the corporate debtor failed to pay the minimum guarantee amount as per the agreement, leading to a default.
M/s. Sahaj Bharti Travels (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s. HCL Technologies Limited (Corporate Debtor) for unpaid operational debt. The debt arose from a transport service agreement (ATS) dated 19.11.2015, for a period of 3 years from 20.04.2015 to 30.04.2018, allegedly extended to 31.12.2018. The Operational Creditor claimed Rs. 3,54,10,565/- as unpaid operational debt, arising from the Minimum Guarantee Clause in the ATS. The Corporate Debtor contended that there was a pre-existing dispute, no debt was due, and the Operational Creditor did not raise invoices for the unpaid operational debt. The Corporate Debtor also argued that the petition was barred by limitation. The Operational
…Transport Service Agreement (ATS) signed…
Commencement of…