Akzo Nobel India Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Jivanjyot Motors Private Limited. The application was based on the corporate debtor's failure to comply with the terms and conditions of agreements dated 07.12.2016 and 04.05.2019, and promissory notes of the same dates, whereby the corporate debtor agreed to pay Rs. 35,00,000/- and Rs. 1,20,00,000/- to the applicant. The applicant claimed that the corporate debtor was in default of Rs. 1,55,00,000/-.
Akzo Nobel India Limited (the applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Jivanjyot Motors Private Limited (the corporate debtor). The application was based on two agreements dated 07.12.2016 and 04.05.2019, and promissory notes of the same dates. According to the agreements, the applicant had extended trade advances to the corporate debtor, totaling Rs. 35,00,000/- and Rs. 1,20,00,000/-, respectively. The corporate debtor was required to place purchase orders for certain quantities of the applicant's products. The corporate debtor failed to comply with the terms of the agreements and promissory notes, leading to a total outstanding principal amount
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Akzo Nobel India Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Jivanjyot Motors Private Limited. The application was based on the corporate debtor's failure to comply with the terms and conditions of agreements dated 07.12.2016 and 04.05.2019, and promissory notes of the same dates, whereby the corporate debtor agreed to pay Rs. 35,00,000/- and Rs. 1,20,00,000/- to the applicant. The applicant claimed that the corporate debtor was in default of Rs. 1,55,00,000/-.
Akzo Nobel India Limited (the applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Jivanjyot Motors Private Limited (the corporate debtor). The application was based on two agreements dated 07.12.2016 and 04.05.2019, and promissory notes of the same dates. According to the agreements, the applicant had extended trade advances to the corporate debtor, totaling Rs. 35,00,000/- and Rs. 1,20,00,000/-, respectively. The corporate debtor was required to place purchase orders for certain quantities of the applicant's products. The corporate debtor failed to comply with the terms of the agreements and promissory notes, leading to a total outstanding principal amount
…First agreement executed between the…
Second agreement executed between the…