American Express Banking Corp filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against J.M.L Marketing Pvt Ltd, based on a default in payments related to corporate cards issued under a Buyer Initiated Payments (BIP) agreement. The financial creditor claimed that the corporate debtor failed to make payments for amounts spent on the corporate cards, leading to a default.
American Express Banking Corp (Financial Creditor) and J.M.L Marketing Pvt Ltd (Corporate Debtor) entered into a Buyer Initiated Payments (BIP) agreement. Under this agreement, the Financial Creditor issued 8 corporate cards to the Corporate Debtor as financial assistance. Clause 8.2 of the BIP agreement stipulated that the Corporate Debtor was required to make payments for amounts spent on the corporate cards within 21 days of the statement date. Regular statements were issued, and according to the last statements, the Corporate Debtor owed Rs. 5,02,61,800. The Corporate Debtor failed to make the payments, resulting in a default that occurred on 2017-01-12. The Financial Creditor sent emails requesting payments, but no payments were made according to the agreed
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Financial Creditor and Corporate Debtor…
The Corporate…
American Express Banking Corp filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against J.M.L Marketing Pvt Ltd, based on a default in payments related to corporate cards issued under a Buyer Initiated Payments (BIP) agreement. The financial creditor claimed that the corporate debtor failed to make payments for amounts spent on the corporate cards, leading to a default.
American Express Banking Corp (Financial Creditor) and J.M.L Marketing Pvt Ltd (Corporate Debtor) entered into a Buyer Initiated Payments (BIP) agreement. Under this agreement, the Financial Creditor issued 8 corporate cards to the Corporate Debtor as financial assistance. Clause 8.2 of the BIP agreement stipulated that the Corporate Debtor was required to make payments for amounts spent on the corporate cards within 21 days of the statement date. Regular statements were issued, and according to the last statements, the Corporate Debtor owed Rs. 5,02,61,800. The Corporate Debtor failed to make the payments, resulting in a default that occurred on 2017-01-12. The Financial Creditor sent emails requesting payments, but no payments were made according to the agreed
…Financial Creditor and Corporate Debtor…
The Corporate…