The Operational Creditor, M/s. Omkhush Infrastructure Pvt. Ltd., filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. Merushikhar Realty (LLP). The petition arises from a default in payment related to a Memorandum of Understanding (MoU) where the Corporate Debtor was to provide services for a warehousing project planned by the Operational Creditor. The Operational Creditor paid an advance of Rs. 1 Crore, but the Corporate Debtor allegedly failed to fulfill its obligations under the MoU.
M/s. Omkhush Infrastructure Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Merushikhar Realty (LLP) (Corporate Debtor) seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was incorporated on 2014-09-22. The Operational Creditor and Corporate Debtor entered into a Memorandum of Understanding (MoU) on 2015-05-13 for a warehousing project near Bengaluru, Karnataka. As per the MoU, the Operational Creditor paid Rs. 1 Crore to the Corporate Debtor on 2015-05-14. The Corporate Debtor failed to comply with the terms of the MoU. The Operational Creditor sent an email on 2019-09-20 to terminate the MoU and requested a refund. A Notice of Default was issued on
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M/s. Merushikha…
The Operational Creditor and Corporate Debtor…
The Operational Creditor, M/s. Omkhush Infrastructure Pvt. Ltd., filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. Merushikhar Realty (LLP). The petition arises from a default in payment related to a Memorandum of Understanding (MoU) where the Corporate Debtor was to provide services for a warehousing project planned by the Operational Creditor. The Operational Creditor paid an advance of Rs. 1 Crore, but the Corporate Debtor allegedly failed to fulfill its obligations under the MoU.
M/s. Omkhush Infrastructure Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Merushikhar Realty (LLP) (Corporate Debtor) seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was incorporated on 2014-09-22. The Operational Creditor and Corporate Debtor entered into a Memorandum of Understanding (MoU) on 2015-05-13 for a warehousing project near Bengaluru, Karnataka. As per the MoU, the Operational Creditor paid Rs. 1 Crore to the Corporate Debtor on 2015-05-14. The Corporate Debtor failed to comply with the terms of the MoU. The Operational Creditor sent an email on 2019-09-20 to terminate the MoU and requested a refund. A Notice of Default was issued on
…M/s. Merushikha…
The Operational Creditor and Corporate Debtor…