The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Piaggio Vehicles Private Limited ("Operational Creditor") to initiate the Corporate Insolvency Resolution Process (CIRP) against Petronas Lubricants (India) Private Limited ("Corporate Debtor"). The application is based on a default in repaying an amount of ₹2,77,99,307 as on 01.03.2020. The Operational Creditor and the Corporate Debtor had entered into a Supply and Technical and Commercial Collaboration Agreement dated 27.12.2014, wherein the Operational Creditor agreed to purchase products, including lubricants and functional fluids, from the Corporate Debtor. The Corporate Debtor agreed to pay the Operational Creditor an amount
…Piaggio Vehicles Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate 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 basis of the claim stems from a Supply and Technical and Commercial Collaboration Agreement dated 27.12.2014, where the Corporate Debtor was to pay the Operational Creditor 10% of its quarterly net revenue as royalty for the promotion and sale of products. The agreement was effective from 01.01.2015 to 31.12.2019. After the agreement's termination, the Corporate Debtor failed to pay the royalty for the fourth quarter of 2019 (October to December).
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Supply and Technical and Commercial…
The agreement between Piaggio Vehicles Pvt.…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Piaggio Vehicles Private Limited ("Operational Creditor") to initiate the Corporate Insolvency Resolution Process (CIRP) against Petronas Lubricants (India) Private Limited ("Corporate Debtor"). The application is based on a default in repaying an amount of ₹2,77,99,307 as on 01.03.2020. The Operational Creditor and the Corporate Debtor had entered into a Supply and Technical and Commercial Collaboration Agreement dated 27.12.2014, wherein the Operational Creditor agreed to purchase products, including lubricants and functional fluids, from the Corporate Debtor. The Corporate Debtor agreed to pay the Operational Creditor an amount
…Piaggio Vehicles Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate 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 basis of the claim stems from a Supply and Technical and Commercial Collaboration Agreement dated 27.12.2014, where the Corporate Debtor was to pay the Operational Creditor 10% of its quarterly net revenue as royalty for the promotion and sale of products. The agreement was effective from 01.01.2015 to 31.12.2019. After the agreement's termination, the Corporate Debtor failed to pay the royalty for the fourth quarter of 2019 (October to December).
…Supply and Technical and Commercial…
The agreement between Piaggio Vehicles Pvt.…