The case involves a Company Petition filed by Treasure Retail Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Television Home Shopping Network Limited (Corporate Debtor) for an operational debt of Rs. 1,38,68,571/-. The Operational Creditor is in the business of distribution, marketing, and sale of Home Appliances. The Corporate Debtor operates an e-commerce marketplace. They had an arrangement where the Corporate Debtor would allow the Operational Creditor to sell its products on its platform, collect payments, deduct commission/fees, and remit the remaining amount.
Treasure Retail Private Limited (Operational Creditor) filed a petition against Television Home Shopping Network Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for an unpaid operational debt of Rs. 1,38,68,571/-. The Operational Creditor and Corporate Debtor had an arrangement where the Operational Creditor would sell its products through the Corporate Debtor's e-commerce platform. The Corporate Debtor would collect payments from customers, deduct commission/fees, and remit the remaining amount to the Operational Creditor. The Corporate Debtor failed to remit the full amount, leading to the outstanding debt. The Operational Creditor issued a demand notice under Section 8 of the IBC, which was not responded to. The Corporate
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The case involves a Company Petition filed by Treasure Retail Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Television Home Shopping Network Limited (Corporate Debtor) for an operational debt of Rs. 1,38,68,571/-. The Operational Creditor is in the business of distribution, marketing, and sale of Home Appliances. The Corporate Debtor operates an e-commerce marketplace. They had an arrangement where the Corporate Debtor would allow the Operational Creditor to sell its products on its platform, collect payments, deduct commission/fees, and remit the remaining amount.
Treasure Retail Private Limited (Operational Creditor) filed a petition against Television Home Shopping Network Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for an unpaid operational debt of Rs. 1,38,68,571/-. The Operational Creditor and Corporate Debtor had an arrangement where the Operational Creditor would sell its products through the Corporate Debtor's e-commerce platform. The Corporate Debtor would collect payments from customers, deduct commission/fees, and remit the remaining amount to the Operational Creditor. The Corporate Debtor failed to remit the full amount, leading to the outstanding debt. The Operational Creditor issued a demand notice under Section 8 of the IBC, which was not responded to. The Corporate
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