Visun Services LLP, the operational creditor/applicant, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against YibealTradex Private Limited, the corporate debtor/respondent. The applicant and respondent entered into a franchisee agreement where the applicant was to sell the respondent's products on e-commerce marketplaces. Disputes arose regarding the payment of commissions and the buyback of unsold goods, leading to the filing of this petition.
Visun Services LLP (Applicant) and YibealTradex Private Limited (Respondent) entered into a franchisee agreement on May 3, 2021, where Visun would sell YibealTradex's products on e-commerce platforms like Flipkart. Visun was entitled to a 21% annual commission on the purchase price of goods. YibealTradex agreed to buy back unsold goods from Visun at a 21% markup if they weren't sold within 60 days. Visun transferred Rs. 90 Lakh in May 2021 to purchase goods. YibealTradex requested short-term funding to meet targets for sales events. Visun provided an additional Rs. 2 Crore until December 31, 2021. The total amount claimed to be in default was Rs. 3,67,03,813 as of July 15, 2022. A statutory notice was issued by Visun on July 19, 2022, demanding outstanding dues, which
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Visun Services LLP and…
Visun Services LLP transferred Rs. 90 Lakh to…
Visun Services LLP, the operational creditor/applicant, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against YibealTradex Private Limited, the corporate debtor/respondent. The applicant and respondent entered into a franchisee agreement where the applicant was to sell the respondent's products on e-commerce marketplaces. Disputes arose regarding the payment of commissions and the buyback of unsold goods, leading to the filing of this petition.
Visun Services LLP (Applicant) and YibealTradex Private Limited (Respondent) entered into a franchisee agreement on May 3, 2021, where Visun would sell YibealTradex's products on e-commerce platforms like Flipkart. Visun was entitled to a 21% annual commission on the purchase price of goods. YibealTradex agreed to buy back unsold goods from Visun at a 21% markup if they weren't sold within 60 days. Visun transferred Rs. 90 Lakh in May 2021 to purchase goods. YibealTradex requested short-term funding to meet targets for sales events. Visun provided an additional Rs. 2 Crore until December 31, 2021. The total amount claimed to be in default was Rs. 3,67,03,813 as of July 15, 2022. A statutory notice was issued by Visun on July 19, 2022, demanding outstanding dues, which
…Visun Services LLP and…
Visun Services LLP transferred Rs. 90 Lakh to…