Pearson India Education Services Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against U.B.S. Publishers Distributors Private Limited, the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default in payment of operational debt. The Respondent admitted the debt but contended that the exact amount was not crystalized and that the application was barred by Section 10A of the IBC, 2016.
Pearson India Education Services Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against U.B.S. Publishers Distributors Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for books supplied based on purchase orders. Two agreements were executed on 06.04.2018: one for offline purchases and another for online purchases. The total debt claimed as of 15.07.2020 was Rs. 16,54,52,216/- (principal) plus Rs. 2,12,58,005/- (interest). A demand notice under Section 8 of the IBC was issued on 22.07.2020 and received on 27.07.2020. The Respondent contended that the application was
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Pearson India Education Services Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against U.B.S. Publishers Distributors Private Limited, the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default in payment of operational debt. The Respondent admitted the debt but contended that the exact amount was not crystalized and that the application was barred by Section 10A of the IBC, 2016.
Pearson India Education Services Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against U.B.S. Publishers Distributors Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for books supplied based on purchase orders. Two agreements were executed on 06.04.2018: one for offline purchases and another for online purchases. The total debt claimed as of 15.07.2020 was Rs. 16,54,52,216/- (principal) plus Rs. 2,12,58,005/- (interest). A demand notice under Section 8 of the IBC was issued on 22.07.2020 and received on 27.07.2020. The Respondent contended that the application was
…Applicant and Respondent executed two…
Applicant issued a…