ORDER

[PER: K. R. SAJI KUMAR, MEMBER (JUDICIAL)]

1. BACKGROUND

1.1 This C.P. (IB) No.814/MB/2023 (Application) was e-filed on 29.07.2023 under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by Kiranakart Technologies Private Limited, the Operational Creditor (OC) for initiation of Corporate Insolvency Resolution Process (CIRP) against Stellar Value Chain Solutions Private Limited, the Corporate Debtor (CD), for the alleged default in repayment of operational debt of Rs.5,13,09,810/- (Five Crore Thirteen Lakh Nine Thousand Eight Hundred Ten Rupees). The date of default as given in Part-IV is 11.07.2022.

1.2 The OC is a start-up engaged in enabling door-to-door grocery delivery. It engaged with the CD to provide warehousing and supply chain management-related services by entering into a Warehousing Master Services Agreement on 13.10.2021 effective from 01.10.2021 (Agreement).

1.3 As per the terms of the Agreement, there was a lock-in period of one year for the CD and six months for the OC, from 01.10.2021 during which neither party had the right to terminate the Agreement.

1.