M/s Cosmo World, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Supereco Automotive Co. LLP, the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's failure to deliver electric vehicles as per an agreement dated 16.01.2021, resulting in outstanding dues of Rs. 1,09,11,600/-. The operational creditor claimed that the corporate debtor was engaged as its exclusive Original Equipment Manufacturer (OEM) to manufacture electrically and mechanically driven two & three-wheeler vehicles and failed to supply the vehicles after receiving advance payments.
M/s Cosmo World (Operational Creditor) and Supereco Automotive Co. LLP (Corporate Debtor) entered into an agreement on 16.01.2021, where Supereco was to manufacture and supply electric vehicles to Cosmo World as an exclusive OEM. Cosmo World made advance payments against proforma invoices raised by Supereco. Supereco failed to deliver the vehicles by April 2022, leading to a default of Rs. 1,09,11,600/-. Cosmo World issued a demand notice on 22.03.2023, which Supereco neither replied to nor complied with. Cosmo World filed an application under Section 9 of the IBC, 2016, for initiation of CIRP. Supereco contended that the debt was not an operational debt, the claim was below the threshold limit, and Cosmo World was an unregistered partnership firm. Cosmo World
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Agreement between Cosmo World and Supereco…
Supereco Automotive Co.…
M/s Cosmo World, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Supereco Automotive Co. LLP, the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's failure to deliver electric vehicles as per an agreement dated 16.01.2021, resulting in outstanding dues of Rs. 1,09,11,600/-. The operational creditor claimed that the corporate debtor was engaged as its exclusive Original Equipment Manufacturer (OEM) to manufacture electrically and mechanically driven two & three-wheeler vehicles and failed to supply the vehicles after receiving advance payments.
M/s Cosmo World (Operational Creditor) and Supereco Automotive Co. LLP (Corporate Debtor) entered into an agreement on 16.01.2021, where Supereco was to manufacture and supply electric vehicles to Cosmo World as an exclusive OEM. Cosmo World made advance payments against proforma invoices raised by Supereco. Supereco failed to deliver the vehicles by April 2022, leading to a default of Rs. 1,09,11,600/-. Cosmo World issued a demand notice on 22.03.2023, which Supereco neither replied to nor complied with. Cosmo World filed an application under Section 9 of the IBC, 2016, for initiation of CIRP. Supereco contended that the debt was not an operational debt, the claim was below the threshold limit, and Cosmo World was an unregistered partnership firm. Cosmo World
…Agreement between Cosmo World and Supereco…
Supereco Automotive Co.…