The case involves an application filed by M/s. COSR Ventures, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s. Lumiford Private Limited, the corporate debtor, alleging default in payment of an operational debt. The operational creditor claimed a total outstanding amount of Rs. 2,66,87,698/-, comprising a principal amount of Rs. 2,11,57,192/- and interest of Rs. 55,30,506/-, with the date of default being 06.05.2022. The operational creditor was appointed as a 'Carrying and Forwarding Agent' (C&F Agent) for the sale of the corporate debtor's products, and later as the Exclusive Online Distributor. Several agreements and a Memorandum of Understanding (MOU) were entered into between the parties, including a
…M/s. COSR Ventures (Operational Creditor) filed a petition under Section 9 of the IBC against M/s. Lumiford Private Limited (Corporate Debtor) for defaulting on an operational debt of Rs. 2,66,87,698/-. The debt comprised a principal amount of Rs. 2,11,57,192/- and interest of Rs. 55,30,506/-, with the default date being 06.05.2022. The Operational Creditor was initially appointed as a 'Carrying and Forwarding Agent' (C&F Agent) on 10.01.2020, and later as the Exclusive Online Distributor via a Memorandum of Understanding (MOU) dated 21.05.2021. The Operational Creditor deposited Rs. 1 crore as a security deposit under the C&F Agreement. A Termination Agreement was executed on 15.03.2022. The Corporate Debtor was to pay Rs. 2,11,57,192/- to the Operational
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Operational Creditor appointed as 'Carrying…
Operational Creditor…
The case involves an application filed by M/s. COSR Ventures, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s. Lumiford Private Limited, the corporate debtor, alleging default in payment of an operational debt. The operational creditor claimed a total outstanding amount of Rs. 2,66,87,698/-, comprising a principal amount of Rs. 2,11,57,192/- and interest of Rs. 55,30,506/-, with the date of default being 06.05.2022. The operational creditor was appointed as a 'Carrying and Forwarding Agent' (C&F Agent) for the sale of the corporate debtor's products, and later as the Exclusive Online Distributor. Several agreements and a Memorandum of Understanding (MOU) were entered into between the parties, including a
…M/s. COSR Ventures (Operational Creditor) filed a petition under Section 9 of the IBC against M/s. Lumiford Private Limited (Corporate Debtor) for defaulting on an operational debt of Rs. 2,66,87,698/-. The debt comprised a principal amount of Rs. 2,11,57,192/- and interest of Rs. 55,30,506/-, with the default date being 06.05.2022. The Operational Creditor was initially appointed as a 'Carrying and Forwarding Agent' (C&F Agent) on 10.01.2020, and later as the Exclusive Online Distributor via a Memorandum of Understanding (MOU) dated 21.05.2021. The Operational Creditor deposited Rs. 1 crore as a security deposit under the C&F Agreement. A Termination Agreement was executed on 15.03.2022. The Corporate Debtor was to pay Rs. 2,11,57,192/- to the Operational
…Operational Creditor appointed as 'Carrying…
Operational Creditor…