The case involves an application filed by Abdulhadi Almailem Trading Company, an operational creditor, against Jay Ace Technologies Limited, a corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The operational creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor due to unpaid operational debt. The corporate debtor is registered with ROC, NCT of Delhi & Haryana.
Abdulhadi Almailem Trading Company, a Kuwait-based company, is engaged in trading automotive parts and lead-acid batteries. Jay Ace Technologies Limited, an India-based company, manufactures automotive batteries. A distribution agreement was executed between the parties on February 1, 2018, appointing Abdulhadi Almailem as the exclusive distributor for 60 months. The agreement included a clause (2.3.3) stating that the Corporate Debtor shall replace all mode wise defective batteries if quality failure is above 5%. 33 transactions occurred between the parties. The batteries sold to the Operational Creditor were returned from the market as defective. A meeting was held, and the Corporate Debtor agreed to replace the defective batteries, documented in a Minutes of Meeting
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A distribution agreement was executed between…
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The case involves an application filed by Abdulhadi Almailem Trading Company, an operational creditor, against Jay Ace Technologies Limited, a corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The operational creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor due to unpaid operational debt. The corporate debtor is registered with ROC, NCT of Delhi & Haryana.
Abdulhadi Almailem Trading Company, a Kuwait-based company, is engaged in trading automotive parts and lead-acid batteries. Jay Ace Technologies Limited, an India-based company, manufactures automotive batteries. A distribution agreement was executed between the parties on February 1, 2018, appointing Abdulhadi Almailem as the exclusive distributor for 60 months. The agreement included a clause (2.3.3) stating that the Corporate Debtor shall replace all mode wise defective batteries if quality failure is above 5%. 33 transactions occurred between the parties. The batteries sold to the Operational Creditor were returned from the market as defective. A meeting was held, and the Corporate Debtor agreed to replace the defective batteries, documented in a Minutes of Meeting
…A distribution agreement was executed between…
Representatives of both parties signed a…