My Box Technologies Private Limited, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Multicity Digital Consortium Private Limited, the Corporate Debtor, for defaulting on a payment of Rs. 1,67,33,866/-. The Operational Creditor supplied Set Top Boxes (STB) to the Corporate Debtor based on a Supply Agreement dated 28.05.2018. The Corporate Debtor failed to make payments as per the agreed terms, leading to the application for initiating Corporate Insolvency Resolution Process (CIRP).
My Box Technologies Private Limited (Operational Creditor) supplied Set Top Boxes (STB) to Multicity Digital Consortium Private Limited (Corporate Debtor) based on a Supply Agreement dated 28.05.2018. The Corporate Debtor placed a purchase order, and the Operational Creditor supplied the STB and issued invoices. As per clause 6.1 of the agreement, the payment terms were 40% advance, 10% at the end of the 30th day, 10% at the end of the 60th day, and the remaining 40% at the end of the 90th day from the supply of STBs. The Corporate Debtor failed to make the agreed payments, leading to a default of Rs. 1,67,33,866/-. The Operational Creditor sent various emails demanding payment. The Corporate Debtor sent a complaint letter dated 13.03.2020, alleging issues with the
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Supply Agreement entered into between My Box…
Purchase Ord…
My Box Technologies Private Limited, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Multicity Digital Consortium Private Limited, the Corporate Debtor, for defaulting on a payment of Rs. 1,67,33,866/-. The Operational Creditor supplied Set Top Boxes (STB) to the Corporate Debtor based on a Supply Agreement dated 28.05.2018. The Corporate Debtor failed to make payments as per the agreed terms, leading to the application for initiating Corporate Insolvency Resolution Process (CIRP).
My Box Technologies Private Limited (Operational Creditor) supplied Set Top Boxes (STB) to Multicity Digital Consortium Private Limited (Corporate Debtor) based on a Supply Agreement dated 28.05.2018. The Corporate Debtor placed a purchase order, and the Operational Creditor supplied the STB and issued invoices. As per clause 6.1 of the agreement, the payment terms were 40% advance, 10% at the end of the 30th day, 10% at the end of the 60th day, and the remaining 40% at the end of the 90th day from the supply of STBs. The Corporate Debtor failed to make the agreed payments, leading to a default of Rs. 1,67,33,866/-. The Operational Creditor sent various emails demanding payment. The Corporate Debtor sent a complaint letter dated 13.03.2020, alleging issues with the
…Supply Agreement entered into between My Box…
Purchase Ord…