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 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) and M/s. Zorek Education Technologies Private Limited (Corporate Debtor) entered into an agreement on 14.02.2019 for printing Pre-Primary and Primary Text Books for 2019-2020. The total order was for 5,65,000 books valued at Rs.3,08,93,184, payable in 13 equal installments starting 31.07.2019 and ending 31.07.2020, with a 24% interest clause for delays. The Operational Creditor claims full supply but alleges the Corporate Debtor only paid Rs.1,63,49,000, leaving a balance of Rs.1,40,68,097 plus interest, totaling Rs.3,32,14,573, for which a demand notice was issued on 01.02.2022. The Corporate Debtor disputes this, claiming failure of the Operational Creditor to meet quantity and quality terms, asserting receipt of only 2,60,000 books
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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 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) and M/s. Zorek Education Technologies Private Limited (Corporate Debtor) entered into an agreement on 14.02.2019 for printing Pre-Primary and Primary Text Books for 2019-2020. The total order was for 5,65,000 books valued at Rs.3,08,93,184, payable in 13 equal installments starting 31.07.2019 and ending 31.07.2020, with a 24% interest clause for delays. The Operational Creditor claims full supply but alleges the Corporate Debtor only paid Rs.1,63,49,000, leaving a balance of Rs.1,40,68,097 plus interest, totaling Rs.3,32,14,573, for which a demand notice was issued on 01.02.2022. The Corporate Debtor disputes this, claiming failure of the Operational Creditor to meet quantity and quality terms, asserting receipt of only 2,60,000 books
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