IBM India Private Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Powersoft IT Private Limited, claiming a financial debt of Rs. 72,17,315.03. The petitioner and respondent had entered into a Term Lease Master Agreement (TLMA) dated 28.10.2011. A Master Financing Agreement (MFA) dated 03.12.2014 was also executed wherein the Respondent was the borrower. The petitioner claimed entitlement to Rs. 72,17,315.03, including late payment fees under the MFA, with Rs. 52,49,175.89 as principal and Rs. 19,68,139.14 as late payment fee. The respondent argued that the debt was not a financial debt but related to services and was barred by limitation. The
…IBM India Private Limited (Petitioner) filed a Company Petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Powersoft IT Private Limited (Corporate Debtor) for an unresolved financial debt of Rs. 72,17,315.03. The Petitioner and Respondent entered into a Term Lease Master Agreement (TLMA) on 28.10.2011. Hubtown Limited executed a corporate guarantee on 29.09.2011 in favor of the Petitioner. A Master Financing Agreement (MFA) was executed on 03.12.2014, with the Respondent as the borrower. As per TLMA Clause 31, the Petitioner could levy a 2% monthly late payment fee. The Petitioner issued a demand letter on 08.01.2019, calling for payment by 18.01.2019, and another to the Corporate Guarantor on 18.01.2019, demanding payment by 25.01.2019.
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The Petitioner and…
Hubtown Limited…
IBM India Private Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Powersoft IT Private Limited, claiming a financial debt of Rs. 72,17,315.03. The petitioner and respondent had entered into a Term Lease Master Agreement (TLMA) dated 28.10.2011. A Master Financing Agreement (MFA) dated 03.12.2014 was also executed wherein the Respondent was the borrower. The petitioner claimed entitlement to Rs. 72,17,315.03, including late payment fees under the MFA, with Rs. 52,49,175.89 as principal and Rs. 19,68,139.14 as late payment fee. The respondent argued that the debt was not a financial debt but related to services and was barred by limitation. The
…IBM India Private Limited (Petitioner) filed a Company Petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Powersoft IT Private Limited (Corporate Debtor) for an unresolved financial debt of Rs. 72,17,315.03. The Petitioner and Respondent entered into a Term Lease Master Agreement (TLMA) on 28.10.2011. Hubtown Limited executed a corporate guarantee on 29.09.2011 in favor of the Petitioner. A Master Financing Agreement (MFA) was executed on 03.12.2014, with the Respondent as the borrower. As per TLMA Clause 31, the Petitioner could levy a 2% monthly late payment fee. The Petitioner issued a demand letter on 08.01.2019, calling for payment by 18.01.2019, and another to the Corporate Guarantor on 18.01.2019, demanding payment by 25.01.2019.
…The Petitioner and…
Hubtown Limited…