The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Kabamy India LLP (Operational Creditor) against Lumiford Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to an alleged default in payment of Rs. 3,29,99,087/-. The Operational Creditor and Corporate Debtor had entered into a Carrying and Forwarding Agent (CFA) agreement on 22.12.2020, where the Operational Creditor was to facilitate the sale of the Corporate Debtor's products. The Operational Creditor claims that the Corporate Debtor defaulted in making payments from the inception of the CFA agreement.
Kabamy India LLP (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Lumiford Private Limited (Corporate Debtor) for defaulting on a payment of Rs. 3,29,99,087/-. The Operational Creditor and Corporate Debtor entered into a Carrying and Forwarding Agent (CFA) agreement dated 22.12.2020, where the Operational Creditor would facilitate the sale of the Corporate Debtor's products. The Operational Creditor paid Rs. 2,00,00,000/- as a security deposit as per the agreement. The Operational Creditor provided services by stocking the Corporate Debtor's products, and the Corporate Debtor regularly transacted with the Operational Creditor. The Corporate Debtor allegedly defaulted on payments from the inception of the
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Operational Creditor and Corporate Debtor…
The Operational…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Kabamy India LLP (Operational Creditor) against Lumiford Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to an alleged default in payment of Rs. 3,29,99,087/-. The Operational Creditor and Corporate Debtor had entered into a Carrying and Forwarding Agent (CFA) agreement on 22.12.2020, where the Operational Creditor was to facilitate the sale of the Corporate Debtor's products. The Operational Creditor claims that the Corporate Debtor defaulted in making payments from the inception of the CFA agreement.
Kabamy India LLP (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Lumiford Private Limited (Corporate Debtor) for defaulting on a payment of Rs. 3,29,99,087/-. The Operational Creditor and Corporate Debtor entered into a Carrying and Forwarding Agent (CFA) agreement dated 22.12.2020, where the Operational Creditor would facilitate the sale of the Corporate Debtor's products. The Operational Creditor paid Rs. 2,00,00,000/- as a security deposit as per the agreement. The Operational Creditor provided services by stocking the Corporate Debtor's products, and the Corporate Debtor regularly transacted with the Operational Creditor. The Corporate Debtor allegedly defaulted on payments from the inception of the
…Operational Creditor and Corporate Debtor…
The Operational…