Black Pearl Hotels Pvt. Ltd., claiming to be an operational creditor, entered into a Business Conducting Agreement with Planet M Retail Limited (corporate debtor) in 2008. Under the agreement, Planet M was to conduct and manage a music concept store on behalf of Black Pearl Hotels, for which Planet M was liable to pay a monthly conducting fee. Subsequently, due to the business venture not making profit, an addendum was entered in 2009, scaling down the monthly minimum guaranteed fee. Black Pearl Hotels claimed that Planet M defaulted on payments, leading to the termination of the agreement and the issuance of a notice under Section 8 of the Insolvency and Bankruptcy Code, 2016, for a sum of Rs.3,92,38,405. The Adjudicating Authority dismissed Black Pearl's application
…Black Pearl Hotels Pvt. Ltd. (appellant) and Planet M Retail Limited (respondent/corporate debtor) entered into a Business Conducting Agreement on February 1, 2008, where Planet M was to manage a music concept store for Black Pearl Hotels in exchange for a monthly conducting fee. Due to business losses, an addendum was made on June 24, 2009, reducing the fee. Black Pearl Hotels claimed Planet M defaulted on payments, leading to a debt of Rs.3,92,38,405. Black Pearl Hotels issued a notice under Section 8 of the Insolvency and Bankruptcy Code (IBC) in 2016. Planet M denied the claim, stating Black Pearl Hotels had not performed its duties. Black Pearl Hotels filed an application under Section 9 of the IBC, which the Adjudicating Authority dismissed on May 4, 2017, citing
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Black Pearl Hotels Pvt. Ltd. entered into a…
An addendum to the…
Black Pearl Hotels Pvt. Ltd., claiming to be an operational creditor, entered into a Business Conducting Agreement with Planet M Retail Limited (corporate debtor) in 2008. Under the agreement, Planet M was to conduct and manage a music concept store on behalf of Black Pearl Hotels, for which Planet M was liable to pay a monthly conducting fee. Subsequently, due to the business venture not making profit, an addendum was entered in 2009, scaling down the monthly minimum guaranteed fee. Black Pearl Hotels claimed that Planet M defaulted on payments, leading to the termination of the agreement and the issuance of a notice under Section 8 of the Insolvency and Bankruptcy Code, 2016, for a sum of Rs.3,92,38,405. The Adjudicating Authority dismissed Black Pearl's application
…Black Pearl Hotels Pvt. Ltd. (appellant) and Planet M Retail Limited (respondent/corporate debtor) entered into a Business Conducting Agreement on February 1, 2008, where Planet M was to manage a music concept store for Black Pearl Hotels in exchange for a monthly conducting fee. Due to business losses, an addendum was made on June 24, 2009, reducing the fee. Black Pearl Hotels claimed Planet M defaulted on payments, leading to a debt of Rs.3,92,38,405. Black Pearl Hotels issued a notice under Section 8 of the Insolvency and Bankruptcy Code (IBC) in 2016. Planet M denied the claim, stating Black Pearl Hotels had not performed its duties. Black Pearl Hotels filed an application under Section 9 of the IBC, which the Adjudicating Authority dismissed on May 4, 2017, citing
…Black Pearl Hotels Pvt. Ltd. entered into a…
An addendum to the…