French Motor Car Company Limited (Operational Creditor) initiated Corporate Insolvency Resolution Process (CIRP) against V&RO Hospitality Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for an alleged operational debt of Rs.2,33,26,272/-. The debt arose from the sale of tangible assets following the termination of a lease and revenue-sharing agreement. The Corporate Debtor disputed the claim, alleging the sale agreement was a sham and no goods were delivered, citing pre-existing disputes related to the earlier agreements.
French Motor Car Company Limited (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, against V&RO Hospitality Private Limited (Corporate Debtor).
The petition sought initiation of CIRP for an alleged operational debt of Rs.2,33,26,272/-, with the date of default being 28.02.2025.
The Operational Creditor owned commercial premises in Kolkata, which were leased to the Corporate Debtor for operating a restaurant.
A registered Lease Deed and a Revenue Sharing Agreement were executed between the parties on 29.07.2022.
The Operational Creditor invested approximately Rs.2,25,00,000/- towards construction and purchase of tangible and movable assets for the restaurant.
…Sign in to view the parties.
Lease Deed and Revenue…
Lease Deed and Revenue Sharing Agreement…
French Motor Car Company Limited (Operational Creditor) initiated Corporate Insolvency Resolution Process (CIRP) against V&RO Hospitality Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for an alleged operational debt of Rs.2,33,26,272/-. The debt arose from the sale of tangible assets following the termination of a lease and revenue-sharing agreement. The Corporate Debtor disputed the claim, alleging the sale agreement was a sham and no goods were delivered, citing pre-existing disputes related to the earlier agreements.
French Motor Car Company Limited (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, against V&RO Hospitality Private Limited (Corporate Debtor).
The petition sought initiation of CIRP for an alleged operational debt of Rs.2,33,26,272/-, with the date of default being 28.02.2025.
The Operational Creditor owned commercial premises in Kolkata, which were leased to the Corporate Debtor for operating a restaurant.
A registered Lease Deed and a Revenue Sharing Agreement were executed between the parties on 29.07.2022.
The Operational Creditor invested approximately Rs.2,25,00,000/- towards construction and purchase of tangible and movable assets for the restaurant.
…Lease Deed and Revenue…
Lease Deed and Revenue Sharing Agreement…