ORDER

Per: Manoj Kumar Dubey, Member (Technical)

1. The present petition is filed on 02.11.2022 under section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity ‘IBC’/Code), r/w. Rule 6 of the I&B (Application to Adjudicating Authority) Rules 2016, by M/s. SSIPL Lifestyle Pvt. Ltd (for brevity ‘Operational Creditor/Petitioner’) inter alia seeking to initiate Corporate Insolvency Resolution Process against M/s. Counfreedise Retail Services Limited (hereinafter referred as ‘Corporate Debtor/Respondent’) on the ground that the Corporate Debtor has committed a default for an outstanding amount of Rs. 14,23,13,994/- including the interest. The date of default mentioned in Form 5 is 19.03.2020.

2. Brief facts of the case, which are relevant to the issue in question, are as follows:

i. The Operational Creditor and the Corporate Debtor entered into a business agreement dated July 5, 2017 in terms of which the Operational Creditor supplied "Lotto" brand products to the Corporate Debtor for sale by the Corporate Debtor through various e-commerce platforms and retail channels including "Buymore”.

ii. The Corporate Debtor breached terms & conditions of the Agreement by changing the selling