PHOENIX MARKETING Vs. UNITED BREWERIES LIMITED

JUDGEMENT

(1.) The Petitioner has filed a Petition dated 18th July 2017 for initiation of Insolvency Resolution Process in respect of the United Breweries Limited, Corporate Debtor Company under section 9 of the Insolvency and Bankruptcy Code, 2016. The Petition is presented in Form 5 along with Affidavit and copy of the DELCREDRE AGREEMENT and (ii) PURE AGENT AGREEMENT entered into with M/s. United Breweries Limited on 4th July 2003. The Petitioner has also submitted that, total Principal Amount debt due from Corporate Debtor M/s. United Breweries Limited is Rs 7,87,44,444/-

(2.) The averments made in the Petition are briefly described hereunder:-

(3.) It is further averred that, in pursuant to this on 4th July 2008, two agreements were entered into and executed between the parties and titled as (i) DELCREDRE AGREEMENT and (ii) PURE AGENT AGREEMENT which were effective from 18th April 2008 and were valid till 31st March 2010.