The case involves a petition filed by M/s.Options, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Zorek Education Technologies Private Limited, the Corporate Debtor. The Operational Creditor and Corporate Debtor entered into an agreement dated 14.02.2019 for the printing of Pre-Primary and Primary Text Books for the year 2019-2020. The total quantity of books to be printed and supplied was 5,65,000 at the value of Rs.3,08,93,184/-. The payment was required to be made in 13 equal installments starting from 31.07.2019 and ending on 31.07.2020. The Corporate Debtor was also required to pay interest @ 24% for any delay in the payment. The Operational Creditor
…M/s.Options (Operational Creditor) filed a petition under Section 9 of the IBC to initiate CIRP against M/s. Zorek Education Technologies Private Limited (Corporate Debtor). An agreement dated 14.02.2019 was entered between the parties for printing of Pre-Primary and Primary Text Books for the year 2019-2020, with a total order of 5,65,000 books valued at Rs.3,08,93,184/-. The payment was to be made in 13 equal installments starting from 31.07.2019 and ending on 31.07.2020, with a 24% interest for any delay. The Operational Creditor claimed to have supplied all books, but the Corporate Debtor only paid Rs.1,63,49,000/-, leading to a demand notice dated 01.02.2022 for Rs.3,32,14,573/-. The Corporate Debtor argued that the Operational Creditor failed to supply the
…Sign in to view the parties.
Operational Creditor and Corporate Debtor…
The payment was…
The case involves a petition filed by M/s.Options, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Zorek Education Technologies Private Limited, the Corporate Debtor. The Operational Creditor and Corporate Debtor entered into an agreement dated 14.02.2019 for the printing of Pre-Primary and Primary Text Books for the year 2019-2020. The total quantity of books to be printed and supplied was 5,65,000 at the value of Rs.3,08,93,184/-. The payment was required to be made in 13 equal installments starting from 31.07.2019 and ending on 31.07.2020. The Corporate Debtor was also required to pay interest @ 24% for any delay in the payment. The Operational Creditor
…M/s.Options (Operational Creditor) filed a petition under Section 9 of the IBC to initiate CIRP against M/s. Zorek Education Technologies Private Limited (Corporate Debtor). An agreement dated 14.02.2019 was entered between the parties for printing of Pre-Primary and Primary Text Books for the year 2019-2020, with a total order of 5,65,000 books valued at Rs.3,08,93,184/-. The payment was to be made in 13 equal installments starting from 31.07.2019 and ending on 31.07.2020, with a 24% interest for any delay. The Operational Creditor claimed to have supplied all books, but the Corporate Debtor only paid Rs.1,63,49,000/-, leading to a demand notice dated 01.02.2022 for Rs.3,32,14,573/-. The Corporate Debtor argued that the Operational Creditor failed to supply the
…Operational Creditor and Corporate Debtor…
The payment was…