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 of 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 IBC against Petronas Lubricants (India) Pvt. Ltd. (Corporate Debtor) for defaulting on a payment of ₹2,77,99,307/- as of 01.03.2020. The two companies had a Supply and Technical and Commercial Collaboration Agreement dated 27.12.2014, where Piaggio would purchase products from Petronas. Petronas was to pay Piaggio 10% of its quarterly net revenue as royalty. The agreement ended on 31.12.2019. Petronas failed to pay the royalty for the fourth quarter of 2019. Piaggio claimed the debt fell due on 01.03.2020, sixty days after the quarter ended. Petronas argued that royalty was only payable after revenue was collected from Piaggio's dealers/sub-dealers/sales and service
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Piaggio Vehicles Pvt. Ltd. and Petronas…
The Supply and Technical and Commercial…
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 of 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 IBC against Petronas Lubricants (India) Pvt. Ltd. (Corporate Debtor) for defaulting on a payment of ₹2,77,99,307/- as of 01.03.2020. The two companies had a Supply and Technical and Commercial Collaboration Agreement dated 27.12.2014, where Piaggio would purchase products from Petronas. Petronas was to pay Piaggio 10% of its quarterly net revenue as royalty. The agreement ended on 31.12.2019. Petronas failed to pay the royalty for the fourth quarter of 2019. Piaggio claimed the debt fell due on 01.03.2020, sixty days after the quarter ended. Petronas argued that royalty was only payable after revenue was collected from Piaggio's dealers/sub-dealers/sales and service
…Piaggio Vehicles Pvt. Ltd. and Petronas…
The Supply and Technical and Commercial…