Piaggio Vehicles Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Petronas Lubricants (India) Pvt. Ltd. (Corporate Debtor) for defaulting on a payment of ₹2,77,99,307/- as of 01.03.2020. The dispute arose from a Supply and Technical and Commercial Collaboration Agreement dated 27.12.2014, where the Corporate Debtor was to pay royalty to the Operational Creditor based on a percentage of net revenue. The Corporate Debtor claimed that the royalty was payable only after the revenue was collected from the Operational Creditor's
…Piaggio Vehicles Pvt. Ltd. (Operational Creditor) and Petronas Lubricants (India) Pvt. Ltd. (Corporate Debtor) entered into a Supply and Technical and Commercial Collaboration Agreement on 27.12.2014. Under the agreement, the Corporate Debtor was to pay the Operational Creditor a royalty of 10% of its quarterly net revenue, exclusive of taxes and levies, for the promotion and sale of products. The agreement was valid from 01.01.2015 to 31.12.2019. The Corporate Debtor failed to pay the royalty for the fourth quarter of 2019 (October to December). The Operational Creditor claimed that ₹2,77,99,307/- was due as of 01.03.2020. The Corporate Debtor acknowledged the debt in several emails and made partial payments. However, the Corporate Debtor argued that the royalty was
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Supply and Technical and Commercial…
Agreement between Piaggio Vehicles Pvt. Ltd.…
Piaggio Vehicles Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Petronas Lubricants (India) Pvt. Ltd. (Corporate Debtor) for defaulting on a payment of ₹2,77,99,307/- as of 01.03.2020. The dispute arose from a Supply and Technical and Commercial Collaboration Agreement dated 27.12.2014, where the Corporate Debtor was to pay royalty to the Operational Creditor based on a percentage of net revenue. The Corporate Debtor claimed that the royalty was payable only after the revenue was collected from the Operational Creditor's
…Piaggio Vehicles Pvt. Ltd. (Operational Creditor) and Petronas Lubricants (India) Pvt. Ltd. (Corporate Debtor) entered into a Supply and Technical and Commercial Collaboration Agreement on 27.12.2014. Under the agreement, the Corporate Debtor was to pay the Operational Creditor a royalty of 10% of its quarterly net revenue, exclusive of taxes and levies, for the promotion and sale of products. The agreement was valid from 01.01.2015 to 31.12.2019. The Corporate Debtor failed to pay the royalty for the fourth quarter of 2019 (October to December). The Operational Creditor claimed that ₹2,77,99,307/- was due as of 01.03.2020. The Corporate Debtor acknowledged the debt in several emails and made partial payments. However, the Corporate Debtor argued that the royalty was
…Supply and Technical and Commercial…
Agreement between Piaggio Vehicles Pvt. Ltd.…