D.B. Corp Limited, the Operational Creditor/Applicant, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against V.N. Buildtech Private Limited, the Corporate Debtor/Respondent. The application stems from alleged default in payment of operational dues amounting to Rs. 82,25,878/- along with interest. The dispute arises from an agreement dated 25.10.2013, where the Corporate Debtor engaged the Operational Creditor for advertising its project. The consideration was divided into cash payment and barter payment. The Corporate Debtor failed to provide possession of flats as per the barter agreement and also defaulted on invoice payments, leading to the application for CIRP.
D.B. Corp Limited (Operational Creditor) filed an application to initiate CIRP against V.N. Buildtech Private Limited (Corporate Debtor) for non-payment of operational dues. The dues arose from an agreement dated 25.10.2013, where V.N. Buildtech engaged D.B. Corp for advertising its project. The total consideration was Rs. 1,01,83,090/-, divided into cash and barter payments. V.N. Buildtech made a cash payment of Rs. 19,91,240/- but failed to hand over possession of two flats as part of the barter agreement. D.B. Corp raised 11 invoices totaling Rs. 82,25,878/- between 06.10.2013 and 30.03.2014, which remained unpaid. D.B. Corp claimed interest of Rs. 39,47,069/- on the unpaid invoices. The agreement contained an arbitration clause. D.B. Corp obtained an ex-parte
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D.B. Corp Limited, the Operational Creditor/Applicant, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against V.N. Buildtech Private Limited, the Corporate Debtor/Respondent. The application stems from alleged default in payment of operational dues amounting to Rs. 82,25,878/- along with interest. The dispute arises from an agreement dated 25.10.2013, where the Corporate Debtor engaged the Operational Creditor for advertising its project. The consideration was divided into cash payment and barter payment. The Corporate Debtor failed to provide possession of flats as per the barter agreement and also defaulted on invoice payments, leading to the application for CIRP.
D.B. Corp Limited (Operational Creditor) filed an application to initiate CIRP against V.N. Buildtech Private Limited (Corporate Debtor) for non-payment of operational dues. The dues arose from an agreement dated 25.10.2013, where V.N. Buildtech engaged D.B. Corp for advertising its project. The total consideration was Rs. 1,01,83,090/-, divided into cash and barter payments. V.N. Buildtech made a cash payment of Rs. 19,91,240/- but failed to hand over possession of two flats as part of the barter agreement. D.B. Corp raised 11 invoices totaling Rs. 82,25,878/- between 06.10.2013 and 30.03.2014, which remained unpaid. D.B. Corp claimed interest of Rs. 39,47,069/- on the unpaid invoices. The agreement contained an arbitration clause. D.B. Corp obtained an ex-parte
…The Applicant and Respondent entered into an…
Corporate Debtor issued…