Faces Cosmetics India Private Limited, the Operational Creditor, filed a petition against Akhil Logistics Private Limited, the Corporate Debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) for an operational debt of ₹89,16,746/- as of 23.03.2015. The Corporate Debtor was appointed as a franchisee of Cosmetic Products, managing exclusive stores and entitled to 2% of sales. The Petitioner claims that the Corporate Debtor failed to remit collections from the stores and has not paid the outstanding amount despite a demand notice.
Faces Cosmetics India Private Limited (Operational Creditor) appointed Akhil Logistics Private Limited (Corporate Debtor) as a franchisee to manage its exclusive cosmetic stores. The Corporate Debtor was entitled to 2% of sales as a fee. The Corporate Debtor was responsible for collecting revenue and remitting it to the Operational Creditor, with expenses reimbursed. The Operational Creditor claims that the Corporate Debtor failed to remit collections, resulting in an outstanding operational debt of ₹89,16,746/- as of 23.03.2015. The Operational Creditor issued a demand notice on 04.12.2017, requesting payment within 10 days, but received no reply. The Corporate Debtor did not file any reply to the petition or raise any objections. The Operational Creditor filed a
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Operational D…
Operational Creditor…
Faces Cosmetics India Private Limited, the Operational Creditor, filed a petition against Akhil Logistics Private Limited, the Corporate Debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) for an operational debt of ₹89,16,746/- as of 23.03.2015. The Corporate Debtor was appointed as a franchisee of Cosmetic Products, managing exclusive stores and entitled to 2% of sales. The Petitioner claims that the Corporate Debtor failed to remit collections from the stores and has not paid the outstanding amount despite a demand notice.
Faces Cosmetics India Private Limited (Operational Creditor) appointed Akhil Logistics Private Limited (Corporate Debtor) as a franchisee to manage its exclusive cosmetic stores. The Corporate Debtor was entitled to 2% of sales as a fee. The Corporate Debtor was responsible for collecting revenue and remitting it to the Operational Creditor, with expenses reimbursed. The Operational Creditor claims that the Corporate Debtor failed to remit collections, resulting in an outstanding operational debt of ₹89,16,746/- as of 23.03.2015. The Operational Creditor issued a demand notice on 04.12.2017, requesting payment within 10 days, but received no reply. The Corporate Debtor did not file any reply to the petition or raise any objections. The Operational Creditor filed a
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Operational Creditor…