Prepladder Private Limited, the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate a Corporate Insolvency Resolution Process (CIRP) against Motion Education Private Limited, the Corporate Debtor/Respondent. The application was based on an agreement between the parties for the creation of educational online content, for which Prepladder had advanced Rs. 3,78,00,000/- and later Rs. 45,00,000/- to Motion Education. The Corporate Debtor argued that the transaction was for service provision, not a financial debt, and therefore the application was not maintainable.
Prepladder Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Motion Education Private Limited (Corporate Debtor). An agreement was made on 2019-09-24 between Prepladder and Motion Education for the launch of a new product, with Prepladder advancing Rs. 3,78,00,000 on 2019-09-30 to Motion Education for services. Motion Education issued invoices acknowledging the advances. Motion Education argued that the transaction was for service provision, not a financial debt, as they were to create educational online content for Prepladder's application 'WePrep'. The Corporate Debtor filed its reply on 2022-03-31. The applicant later paid an additional sum of Rs. 45,00,000/- as advance.
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An agreement was made between Prepladder and…
Prepladder advanced Rs.…
Prepladder Private Limited, the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate a Corporate Insolvency Resolution Process (CIRP) against Motion Education Private Limited, the Corporate Debtor/Respondent. The application was based on an agreement between the parties for the creation of educational online content, for which Prepladder had advanced Rs. 3,78,00,000/- and later Rs. 45,00,000/- to Motion Education. The Corporate Debtor argued that the transaction was for service provision, not a financial debt, and therefore the application was not maintainable.
Prepladder Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Motion Education Private Limited (Corporate Debtor). An agreement was made on 2019-09-24 between Prepladder and Motion Education for the launch of a new product, with Prepladder advancing Rs. 3,78,00,000 on 2019-09-30 to Motion Education for services. Motion Education issued invoices acknowledging the advances. Motion Education argued that the transaction was for service provision, not a financial debt, as they were to create educational online content for Prepladder's application 'WePrep'. The Corporate Debtor filed its reply on 2022-03-31. The applicant later paid an additional sum of Rs. 45,00,000/- as advance.
An agreement was made between Prepladder and…
Prepladder advanced Rs.…