Reliance Broadcast Network Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Yescom India Softech Private Limited, the Corporate Debtor, due to unpaid operational debt. The Operational Creditor claimed default of Rs.47,27,875/- including interest. The Corporate Debtor argued that the application was an abuse of process, vexatious, and coercive, and that there was no debt or liability. The Corporate Debtor also claimed that the Operational Creditor failed to follow the terms of the agreement and raised invoices without broadcasting the advertisements as agreed. The Corporate Debtor also stated that they had asked for doubt clearance on
…Reliance Broadcast Network Limited (Operational Creditor) and Yescom India Softech Private Limited (Corporate Debtor) entered into a Master Sales Agreement dated 15 January, 2018, where the Operational Creditor agreed to advertise the Corporate Debtor on its radio channels. The Corporate Debtor allegedly admitted to the debt in a letter dated 17 January, 2018. The Operational Creditor issued invoices for services from 30 April, 2018 to 29 May, 2019, which were allegedly received and accepted by the Corporate Debtor without protest. The Corporate Debtor failed to point out defects in the invoices within 5 days as required by the agreement. The Corporate Debtor did not make payments for the invoices. The Operational Creditor served a demand notice in Form 3 under section
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Reliance Broadcast Network Limited and Yescom…
The date of default is…
Reliance Broadcast Network Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Yescom India Softech Private Limited, the Corporate Debtor, due to unpaid operational debt. The Operational Creditor claimed default of Rs.47,27,875/- including interest. The Corporate Debtor argued that the application was an abuse of process, vexatious, and coercive, and that there was no debt or liability. The Corporate Debtor also claimed that the Operational Creditor failed to follow the terms of the agreement and raised invoices without broadcasting the advertisements as agreed. The Corporate Debtor also stated that they had asked for doubt clearance on
…Reliance Broadcast Network Limited (Operational Creditor) and Yescom India Softech Private Limited (Corporate Debtor) entered into a Master Sales Agreement dated 15 January, 2018, where the Operational Creditor agreed to advertise the Corporate Debtor on its radio channels. The Corporate Debtor allegedly admitted to the debt in a letter dated 17 January, 2018. The Operational Creditor issued invoices for services from 30 April, 2018 to 29 May, 2019, which were allegedly received and accepted by the Corporate Debtor without protest. The Corporate Debtor failed to point out defects in the invoices within 5 days as required by the agreement. The Corporate Debtor did not make payments for the invoices. The Operational Creditor served a demand notice in Form 3 under section
…Reliance Broadcast Network Limited and Yescom…
The date of default is…