The appeal was filed by Somesh Choudhary, the suspended director of Global Fragrances Private Limited ('Corporate Debtor'), against the order dated 05.07.2021 passed by the National Company Law Tribunal (NCLT), New Delhi, in C.P. (IB) No.- 1112/ND/2018. The NCLT admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 ('The Code') filed by Knight Riders Sports Private Limited ('Operational Creditor') regarding non-payment of Minimum Guaranteed Royalties as compensation in lieu of a Licensing Agreement.
Somesh Choudhary, the suspended director of Global Fragrances Private Limited ('Corporate Debtor'), filed an appeal against the admission of a Section 9 application by Knight Riders Sports Private Limited ('Operational Creditor'). The dispute arose from a Licensing Agreement where the Corporate Debtor was granted exclusive rights to use the trademark 'Kolkata Knight Riders' ('KKR') for manufacturing and distributing licensed products. The Operational Creditor raised invoices for Minimum Guaranteed Royalties, but the Corporate Debtor failed to make full payments. The Corporate Debtor made partial payments and issued post-dated cheques, which were later dishonored. The Operational Creditor sent reminders and issued a legal notice and a demand notice under Section 8 of
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A License Agreement was entered into between…
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The appeal was filed by Somesh Choudhary, the suspended director of Global Fragrances Private Limited ('Corporate Debtor'), against the order dated 05.07.2021 passed by the National Company Law Tribunal (NCLT), New Delhi, in C.P. (IB) No.- 1112/ND/2018. The NCLT admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 ('The Code') filed by Knight Riders Sports Private Limited ('Operational Creditor') regarding non-payment of Minimum Guaranteed Royalties as compensation in lieu of a Licensing Agreement.
Somesh Choudhary, the suspended director of Global Fragrances Private Limited ('Corporate Debtor'), filed an appeal against the admission of a Section 9 application by Knight Riders Sports Private Limited ('Operational Creditor'). The dispute arose from a Licensing Agreement where the Corporate Debtor was granted exclusive rights to use the trademark 'Kolkata Knight Riders' ('KKR') for manufacturing and distributing licensed products. The Operational Creditor raised invoices for Minimum Guaranteed Royalties, but the Corporate Debtor failed to make full payments. The Corporate Debtor made partial payments and issued post-dated cheques, which were later dishonored. The Operational Creditor sent reminders and issued a legal notice and a demand notice under Section 8 of
…A License Agreement was entered into between…
The 'Corporate Debtor'…