M/s. Educomp Infrastructure & School Management Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Millenium Education Foundation, citing a default of Rs.3,44,39,925/-.
M/s. Educomp Infrastructure & School Management Limited (Operational Creditor) filed an application under Section 9 of IBC, 2016 against M/s. Millenium Education Foundation (Corporate Debtor) for default in payment of Rs.3,44,39,925/-.
The Operational Creditor and Corporate Debtor entered into a Collaboration Agreement dated 20.10.2014, where the Operational Creditor sub-licensed its logo and brand to the Corporate Debtor in exchange for brand license fees.
The Operational Creditor raised five invoices between 14.11.2018 and 01.11.2021, totaling Rs.3,44,39,925/-.
The Corporate Debtor argued that the application was not maintainable because the Chairman of the Monitoring Committee lacked the authority to represent the Corporate Debtor.
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Operational Creditor…
Invoice dated…
M/s. Educomp Infrastructure & School Management Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Millenium Education Foundation, citing a default of Rs.3,44,39,925/-.
M/s. Educomp Infrastructure & School Management Limited (Operational Creditor) filed an application under Section 9 of IBC, 2016 against M/s. Millenium Education Foundation (Corporate Debtor) for default in payment of Rs.3,44,39,925/-.
The Operational Creditor and Corporate Debtor entered into a Collaboration Agreement dated 20.10.2014, where the Operational Creditor sub-licensed its logo and brand to the Corporate Debtor in exchange for brand license fees.
The Operational Creditor raised five invoices between 14.11.2018 and 01.11.2021, totaling Rs.3,44,39,925/-.
The Corporate Debtor argued that the application was not maintainable because the Chairman of the Monitoring Committee lacked the authority to represent the Corporate Debtor.
…Operational Creditor…
Invoice dated…