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 distributing and selling home appliances, while the Corporate Debtor operates an e-commerce marketplace. They had an arrangement where the Corporate Debtor would allow the Operational Creditor to sell products on its platform, collect payments, deduct commission, and remit the remaining amount. The Corporate Debtor failed to pay the outstanding 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, seeking to initiate CIRP. 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 Operational Creditor claimed that the Corporate Debtor defaulted on payments, leaving an outstanding amount of Rs. 1,38,68,571/-. The Operational Creditor issued a demand notice under Section 8 of the IBC, but the Corporate Debtor
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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 distributing and selling home appliances, while the Corporate Debtor operates an e-commerce marketplace. They had an arrangement where the Corporate Debtor would allow the Operational Creditor to sell products on its platform, collect payments, deduct commission, and remit the remaining amount. The Corporate Debtor failed to pay the outstanding 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, seeking to initiate CIRP. 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 Operational Creditor claimed that the Corporate Debtor defaulted on payments, leaving an outstanding amount of Rs. 1,38,68,571/-. The Operational Creditor issued a demand notice under Section 8 of the IBC, but the Corporate Debtor
…The Insolven…
The Corporate…