Pearson India Education Services Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. U.B.S. Publishers Distributors Private Limited, the Corporate Debtor. The Operational Creditor claimed default in payment of operational debt. The Respondent contended that the application is barred by Section 10A of IBC, 2016.
Pearson India Education Services Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. U.B.S. Publishers Distributors Private Limited (Corporate Debtor) for default in payment of operational debt. The Operational Creditor and Corporate Debtor had a long-standing relationship, where the Operational Creditor supplied books to the Corporate Debtor based on purchase orders. On 06.04.2018, they executed two agreements: one for offline purchases and another for online purchases. The total debt due and payable in default by the Corporate Debtor was Rs. 16,54,52,216/- as on 15.07.2020, excluding interest. The interest calculated till 15.07.2020
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The Applicant and the Respondent executed two…
The Applicant issued a Demand Notice under…
Pearson India Education Services Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. U.B.S. Publishers Distributors Private Limited, the Corporate Debtor. The Operational Creditor claimed default in payment of operational debt. The Respondent contended that the application is barred by Section 10A of IBC, 2016.
Pearson India Education Services Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. U.B.S. Publishers Distributors Private Limited (Corporate Debtor) for default in payment of operational debt. The Operational Creditor and Corporate Debtor had a long-standing relationship, where the Operational Creditor supplied books to the Corporate Debtor based on purchase orders. On 06.04.2018, they executed two agreements: one for offline purchases and another for online purchases. The total debt due and payable in default by the Corporate Debtor was Rs. 16,54,52,216/- as on 15.07.2020, excluding interest. The interest calculated till 15.07.2020
…The Applicant and the Respondent executed two…
The Applicant issued a Demand Notice under…