Go Airlines (India) Ltd. filed an appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016, against an order dated 26.08.2019 by the Adjudicating Authority (National Company Law Tribunal, Mumbai bench) in CP (IB) No. 44(MB)/2018. The Adjudicating Authority had dismissed the petition filed by Go Airlines under Section 9 of the Code for initiating Corporate Insolvency Resolution Process (CIRP) against Sovika Aviation Services Pvt. Ltd. The appellant sought to set aside the order and admit the petition for CIRP initiation.
Go Airlines (India) Ltd. (Appellant) filed an appeal against Sovika Aviation Services Pvt. Ltd. (Respondent) after the Adjudicating Authority dismissed Go Airlines' petition to initiate CIRP against Sovika. The dispute arose from a 'Cargo Agreement' dated 09th July, 2016, where Go Airlines agreed to provide cargo belly space to Sovika. As per the agreement, Sovika was required to pay a signing amount, fortnightly charges, cargo sales earnings, reimbursement for expenses, and a lump sum for cargo security services. Sovika was also required to provide an irrevocable and unconditional bank guarantee. Go Airlines raised numerous invoices to Sovika. Sovika started raising debit notes, which Go Airlines refuted. Go Airlines served a notice of termination of the agreement due
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Go Airlines and Sovika Aviation Services…
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Go Airlines (India) Ltd. filed an appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016, against an order dated 26.08.2019 by the Adjudicating Authority (National Company Law Tribunal, Mumbai bench) in CP (IB) No. 44(MB)/2018. The Adjudicating Authority had dismissed the petition filed by Go Airlines under Section 9 of the Code for initiating Corporate Insolvency Resolution Process (CIRP) against Sovika Aviation Services Pvt. Ltd. The appellant sought to set aside the order and admit the petition for CIRP initiation.
Go Airlines (India) Ltd. (Appellant) filed an appeal against Sovika Aviation Services Pvt. Ltd. (Respondent) after the Adjudicating Authority dismissed Go Airlines' petition to initiate CIRP against Sovika. The dispute arose from a 'Cargo Agreement' dated 09th July, 2016, where Go Airlines agreed to provide cargo belly space to Sovika. As per the agreement, Sovika was required to pay a signing amount, fortnightly charges, cargo sales earnings, reimbursement for expenses, and a lump sum for cargo security services. Sovika was also required to provide an irrevocable and unconditional bank guarantee. Go Airlines raised numerous invoices to Sovika. Sovika started raising debit notes, which Go Airlines refuted. Go Airlines served a notice of termination of the agreement due
…Go Airlines and Sovika Aviation Services…
Debit notes submitted by Respondent from…