Fortune Marketing, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against MDM Televentures Private Limited, the corporate debtor. Fortune Marketing claimed that MDM Televentures failed to supply mobile handsets after receiving an advance payment of Rs. 1,68,50,280.00. The operational creditor issued a demand notice to the corporate debtor, but the corporate debtor failed to either supply the goods or refund the outstanding credit balance. The directors of the corporate debtor claimed lack of involvement in the company's daily affairs.
Fortune Marketing, a proprietorship firm, is engaged in the business of wholesaling and distributing mobile handsets, including the Realme brand. MDM Televentures Private Limited, the corporate debtor, was incorporated on 12.03.2019. Fortune Marketing paid an advance of Rs. 1,68,50,280.00 to MDM Televentures for the supply of mobile handsets. However, MDM Televentures failed to supply the handsets after 08.06.2022. Fortune Marketing issued a demand notice on 20.04.2023, seeking either the supply of goods or refund of the outstanding amount with 18% interest. A director of MDM Televentures replied, stating a lack of involvement in the company's affairs. Fortune Marketing then issued a demand notice in Form 3 on 26.05.2023, which was duly served on the corporate debtor.
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MDM Televentures…
The corporate debtor failed to supply mobile…
Fortune Marketing, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against MDM Televentures Private Limited, the corporate debtor. Fortune Marketing claimed that MDM Televentures failed to supply mobile handsets after receiving an advance payment of Rs. 1,68,50,280.00. The operational creditor issued a demand notice to the corporate debtor, but the corporate debtor failed to either supply the goods or refund the outstanding credit balance. The directors of the corporate debtor claimed lack of involvement in the company's daily affairs.
Fortune Marketing, a proprietorship firm, is engaged in the business of wholesaling and distributing mobile handsets, including the Realme brand. MDM Televentures Private Limited, the corporate debtor, was incorporated on 12.03.2019. Fortune Marketing paid an advance of Rs. 1,68,50,280.00 to MDM Televentures for the supply of mobile handsets. However, MDM Televentures failed to supply the handsets after 08.06.2022. Fortune Marketing issued a demand notice on 20.04.2023, seeking either the supply of goods or refund of the outstanding amount with 18% interest. A director of MDM Televentures replied, stating a lack of involvement in the company's affairs. Fortune Marketing then issued a demand notice in Form 3 on 26.05.2023, which was duly served on the corporate debtor.
…MDM Televentures…
The corporate debtor failed to supply mobile…