Options Infinite Services Pvt Ltd, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Innerbeing Wellness Pvt Ltd, the Corporate Debtor, for failing to discharge a debt of Rs. 29,82,390. The Operational Creditor provided sales representative services and managed sales and distribution networks for the Corporate Debtor, who is engaged in the business of developing and selling millet and quinoa-based wellness products. A Sales Representative Agreement (SRA) was entered into between the parties on 08.08.2018. The Operational Creditor raised 56 invoices between 10.09.2018 and 03.10.2019, out of which 42 were paid. The remaining invoices were not paid, leading to the issuance of a demand notice on 29.10.2019. The
…Options Infinite Services Pvt Ltd (Operational Creditor) and Innerbeing Wellness Pvt Ltd (Corporate Debtor) entered into a Sales Representative Agreement (SRA) on 08.08.2018. Under the SRA, the Operational Creditor was to develop and service a sales network for the Corporate Debtor's products. The Operational Creditor raised 56 invoices between 10.09.2018 and 03.10.2019, totaling Rs. 29,82,390, including principal and interest. The Corporate Debtor paid 42 invoices without dispute. The remaining invoices were not paid, leading the Operational Creditor to issue a demand notice on 29.10.2019. The Corporate Debtor replied on 06.11.2019, disputing the demand notice, claiming lack of company seal, incorrect liability amount, and disputes regarding contractual obligations.
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Options Infinite Services Pvt Ltd and…
The Operational…
Options Infinite Services Pvt Ltd, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Innerbeing Wellness Pvt Ltd, the Corporate Debtor, for failing to discharge a debt of Rs. 29,82,390. The Operational Creditor provided sales representative services and managed sales and distribution networks for the Corporate Debtor, who is engaged in the business of developing and selling millet and quinoa-based wellness products. A Sales Representative Agreement (SRA) was entered into between the parties on 08.08.2018. The Operational Creditor raised 56 invoices between 10.09.2018 and 03.10.2019, out of which 42 were paid. The remaining invoices were not paid, leading to the issuance of a demand notice on 29.10.2019. The
…Options Infinite Services Pvt Ltd (Operational Creditor) and Innerbeing Wellness Pvt Ltd (Corporate Debtor) entered into a Sales Representative Agreement (SRA) on 08.08.2018. Under the SRA, the Operational Creditor was to develop and service a sales network for the Corporate Debtor's products. The Operational Creditor raised 56 invoices between 10.09.2018 and 03.10.2019, totaling Rs. 29,82,390, including principal and interest. The Corporate Debtor paid 42 invoices without dispute. The remaining invoices were not paid, leading the Operational Creditor to issue a demand notice on 29.10.2019. The Corporate Debtor replied on 06.11.2019, disputing the demand notice, claiming lack of company seal, incorrect liability amount, and disputes regarding contractual obligations.
…Options Infinite Services Pvt Ltd and…
The Operational…