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, due to alleged default in payment. 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. Invoices were raised for services rendered from 30.08.2019 to 31.12.2019. The Corporate Debtor allegedly failed to make the required payments, leading to the Operational Creditor issuing a Demand Notice in Form 3, which the Corporate Debtor failed to comply with or
…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. Adecco was to provide staffing support services to Welkin. Adecco deployed contract employees to meet Welkin's business needs from 01.08.2019 to 31.07.2020. Adecco was responsible for statutory payments, salary, benefits, and reimbursements to associates, which were to be passed on to Welkin along with service fees. Welkin was to pay invoices within 30 days. MSA included a provision for 18% per annum interest on unpaid amounts. Adecco raised invoices from 30.08.2019 to 31.12.2019. Welkin admitted liability to pay via email on 22.10.2019, committing to payments by 25th and 29th November 2019. Welkin
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The Corporate Debtor and Operational Creditor…
Contract employees were deployed by the…
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, due to alleged default in payment. 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. Invoices were raised for services rendered from 30.08.2019 to 31.12.2019. The Corporate Debtor allegedly failed to make the required payments, leading to the Operational Creditor issuing a Demand Notice in Form 3, which the Corporate Debtor failed to comply with or
…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. Adecco was to provide staffing support services to Welkin. Adecco deployed contract employees to meet Welkin's business needs from 01.08.2019 to 31.07.2020. Adecco was responsible for statutory payments, salary, benefits, and reimbursements to associates, which were to be passed on to Welkin along with service fees. Welkin was to pay invoices within 30 days. MSA included a provision for 18% per annum interest on unpaid amounts. Adecco raised invoices from 30.08.2019 to 31.12.2019. Welkin admitted liability to pay via email on 22.10.2019, committing to payments by 25th and 29th November 2019. Welkin
…The Corporate Debtor and Operational Creditor…
Contract employees were deployed by the…