Ripple IP Services LLP, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Rediff.com India Limited, the Corporate Debtor, due to unpaid operational debt. The Operational Creditor claimed that the Corporate Debtor failed to pay invoices amounting to INR 12,04,454/- which became due on 01.04.2017, along with interest of Rs.3,79,403/-, totaling INR 15,83,857/-. The Corporate Debtor contested the petition, alleging misrepresentation of facts, fabrication of invoices, and the existence of a pre-existing dispute.
Ripple IP Services LLP (Operational Creditor) provided intellectual property services to Rediff.com India Limited (Corporate Debtor) from 12.06.2013 to 31.01.2017, based on a formal engagement. The Operational Creditor raised 12 invoices amounting to INR 12,04,454/-, but the Corporate Debtor failed to clear invoices dated 01.03.2017, which became due on 01.04.2017. The Operational Creditor sent reminder emails, to which the Corporate Debtor responded with assurances of payment. The Operational Creditor issued a Demand Notice under Section 8 of the IBC on 31.01.2019, demanding INR 12,04,454/- plus interest of INR 3,79,403/-. The Corporate Debtor replied to the Demand Notice, alleging misrepresentation of facts, fabrication of invoices, and the existence of a
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Rediff.com India…
Formal engagement terms…
Ripple IP Services LLP, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Rediff.com India Limited, the Corporate Debtor, due to unpaid operational debt. The Operational Creditor claimed that the Corporate Debtor failed to pay invoices amounting to INR 12,04,454/- which became due on 01.04.2017, along with interest of Rs.3,79,403/-, totaling INR 15,83,857/-. The Corporate Debtor contested the petition, alleging misrepresentation of facts, fabrication of invoices, and the existence of a pre-existing dispute.
Ripple IP Services LLP (Operational Creditor) provided intellectual property services to Rediff.com India Limited (Corporate Debtor) from 12.06.2013 to 31.01.2017, based on a formal engagement. The Operational Creditor raised 12 invoices amounting to INR 12,04,454/-, but the Corporate Debtor failed to clear invoices dated 01.03.2017, which became due on 01.04.2017. The Operational Creditor sent reminder emails, to which the Corporate Debtor responded with assurances of payment. The Operational Creditor issued a Demand Notice under Section 8 of the IBC on 31.01.2019, demanding INR 12,04,454/- plus interest of INR 3,79,403/-. The Corporate Debtor replied to the Demand Notice, alleging misrepresentation of facts, fabrication of invoices, and the existence of a
…Rediff.com India…
Formal engagement terms…