Nu World Global Hongkong Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Silveroak Home Appliances Private Limited to initiate the Corporate Insolvency Resolution Process (CIRP) due to the corporate debtor's inability to repay an outstanding debt of INR 13,27,77,397.55.
Nu World Global Hongkong Limited filed a petition under Section 9 of the IBC against Silveroak Home Appliances Private Limited.
The outstanding debt claimed by the Operational Creditor is INR 13,27,77,397.55.
The Operational Creditor and Corporate Debtor entered into an Exclusive Distribution Agreement on 02.11.2020.
The Corporate Debtor was required to make fixed royalty payments to the Operational Creditor.
The Corporate Debtor made payments with respect to the invoices, with the last payment on 01.03.2024.
The Operational Creditor issued a Demand Notice on 11.07.2024, which was served to the Corporate Debtor.
The Corporate Debtor contended that the invoices fall under Section 10A of the Code.
The Corporate Debtor argued that the Demand Notice was not properly served.
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Operational Creditor entered into an…
The last payment…
Nu World Global Hongkong Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Silveroak Home Appliances Private Limited to initiate the Corporate Insolvency Resolution Process (CIRP) due to the corporate debtor's inability to repay an outstanding debt of INR 13,27,77,397.55.
Nu World Global Hongkong Limited filed a petition under Section 9 of the IBC against Silveroak Home Appliances Private Limited.
The outstanding debt claimed by the Operational Creditor is INR 13,27,77,397.55.
The Operational Creditor and Corporate Debtor entered into an Exclusive Distribution Agreement on 02.11.2020.
The Corporate Debtor was required to make fixed royalty payments to the Operational Creditor.
The Corporate Debtor made payments with respect to the invoices, with the last payment on 01.03.2024.
The Operational Creditor issued a Demand Notice on 11.07.2024, which was served to the Corporate Debtor.
The Corporate Debtor contended that the invoices fall under Section 10A of the Code.
The Corporate Debtor argued that the Demand Notice was not properly served.
…Operational Creditor entered into an…
The last payment…