The case involves an application filed by Guangzhou Huajing Machine Manufacture Company Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Safetech Trailer Parts LLP (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a total debt of $727,818.48, including principal and interest, arising from an Exclusive Agency Agreement where the Corporate Debtor was to market the Operational Creditor's products in India. The Operational Creditor supplied goods from October 2015 to June 2016, with payments becoming due from July 2016 to October 2016. Despite several reminders and a settlement attempt, the debt remained unpaid.
Guangzhou Huajing Machine Manufacture Company Limited (Operational Creditor) filed an application under Section 9 of the I&B Code against Safetech Trailer Parts LLP (Corporate Debtor) for unpaid dues. The Operational Creditor and Corporate Debtor entered into an Exclusive Agency Agreement on 26.09.2015, valid from 01.10.2015 to 30.09.2018, where the Corporate Debtor would market the Operational Creditor's products in India. The Operational Creditor supplied goods from October 2015 to June 2016, with payments due from 14.07.2016 to 06.10.2016. The total debt claimed was $727,818.48, including principal and interest. The Operational Creditor sent reminders and attempted a settlement. The Corporate Debtor acknowledged the debt and sought extensions for payment. A
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Operational Creditor…
Exclusive Agency…
The case involves an application filed by Guangzhou Huajing Machine Manufacture Company Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Safetech Trailer Parts LLP (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a total debt of $727,818.48, including principal and interest, arising from an Exclusive Agency Agreement where the Corporate Debtor was to market the Operational Creditor's products in India. The Operational Creditor supplied goods from October 2015 to June 2016, with payments becoming due from July 2016 to October 2016. Despite several reminders and a settlement attempt, the debt remained unpaid.
Guangzhou Huajing Machine Manufacture Company Limited (Operational Creditor) filed an application under Section 9 of the I&B Code against Safetech Trailer Parts LLP (Corporate Debtor) for unpaid dues. The Operational Creditor and Corporate Debtor entered into an Exclusive Agency Agreement on 26.09.2015, valid from 01.10.2015 to 30.09.2018, where the Corporate Debtor would market the Operational Creditor's products in India. The Operational Creditor supplied goods from October 2015 to June 2016, with payments due from 14.07.2016 to 06.10.2016. The total debt claimed was $727,818.48, including principal and interest. The Operational Creditor sent reminders and attempted a settlement. The Corporate Debtor acknowledged the debt and sought extensions for payment. A
…Operational Creditor…
Exclusive Agency…