Adecco India Private Limited, the Operational Creditor, filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Welkin IT Services Private Limited, the Corporate Debtor, for defaulting on payments. The Operational Creditor and Corporate Debtor entered into a Master Service Agreement (MSA) on 26.08.2019, where the Operational Creditor provided staffing support services to the Corporate Debtor. The Corporate Debtor allegedly failed to make payments for these services, leading to the petition.
Adecco India Private Limited (Operational Creditor) and Welkin IT Services Private Limited (Corporate Debtor) entered into a Master Service Agreement (MSA) on 26.08.2019. Under the MSA, Adecco was to provide staffing support services to Welkin. Adecco deployed contract employees to meet Welkin's business needs from 08-01-2019 to 07-31-2020. Adecco invoiced Welkin for services rendered between 08-30-2019 and 12-31-2019. Welkin admitted liability to pay via emails dated 10-22-2019, 11-06-2019, and 11-25-2019, promising payments by specific dates in November and December 2019. However, no payments were made. Adecco terminated the MSA on 11-27-2019. Adecco served a Demand Notice in Form 3 under the Insolvency and Bankruptcy Code, 2016, on Welkin, which was delivered on
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Corporate Debtor and…
Operational Creditor provided staffing…
Adecco India Private Limited, the Operational Creditor, filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Welkin IT Services Private Limited, the Corporate Debtor, for defaulting on payments. The Operational Creditor and Corporate Debtor entered into a Master Service Agreement (MSA) on 26.08.2019, where the Operational Creditor provided staffing support services to the Corporate Debtor. The Corporate Debtor allegedly failed to make payments for these services, leading to the petition.
Adecco India Private Limited (Operational Creditor) and Welkin IT Services Private Limited (Corporate Debtor) entered into a Master Service Agreement (MSA) on 26.08.2019. Under the MSA, Adecco was to provide staffing support services to Welkin. Adecco deployed contract employees to meet Welkin's business needs from 08-01-2019 to 07-31-2020. Adecco invoiced Welkin for services rendered between 08-30-2019 and 12-31-2019. Welkin admitted liability to pay via emails dated 10-22-2019, 11-06-2019, and 11-25-2019, promising payments by specific dates in November and December 2019. However, no payments were made. Adecco terminated the MSA on 11-27-2019. Adecco served a Demand Notice in Form 3 under the Insolvency and Bankruptcy Code, 2016, on Welkin, which was delivered on
…Corporate Debtor and…
Operational Creditor provided staffing…