The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by operational creditors against a corporate debtor, Alam Industries (I) Limited, for outstanding dues. The operational creditors, who are family members, had entered into a rental agreement with the corporate debtor for a property they jointly owned. The corporate debtor allegedly defaulted on rent payments, leading to the insolvency application.
The Operational Creditors, who are family members, entered into a Rental Agreement dated 2012-04-21 with the Corporate Debtor, Alam Industries (I) Ltd. alias Aurum Jewels Limited, for a property owned jointly by the three family members. The property was leased to the Corporate Debtor for 10 years with a monthly rent of Rs.1,15,000/- and an 8% yearly enhancement. The Corporate Debtor paid rent regularly until 2015-05-01. Thereafter, the rent was not paid as per the agreement. The outstanding amount was Rs.38,25,992/- as of 2018-06-01, after deducting an advance of Rs.20,00,000/-. The Operational Creditors issued a demand notice on 2018-06-11 under Section 8 of the I&B Code, 2016. The Corporate Debtor's counsel raised objections regarding the rent receipt book, mode
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The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by operational creditors against a corporate debtor, Alam Industries (I) Limited, for outstanding dues. The operational creditors, who are family members, had entered into a rental agreement with the corporate debtor for a property they jointly owned. The corporate debtor allegedly defaulted on rent payments, leading to the insolvency application.
The Operational Creditors, who are family members, entered into a Rental Agreement dated 2012-04-21 with the Corporate Debtor, Alam Industries (I) Ltd. alias Aurum Jewels Limited, for a property owned jointly by the three family members. The property was leased to the Corporate Debtor for 10 years with a monthly rent of Rs.1,15,000/- and an 8% yearly enhancement. The Corporate Debtor paid rent regularly until 2015-05-01. Thereafter, the rent was not paid as per the agreement. The outstanding amount was Rs.38,25,992/- as of 2018-06-01, after deducting an advance of Rs.20,00,000/-. The Operational Creditors issued a demand notice on 2018-06-11 under Section 8 of the I&B Code, 2016. The Corporate Debtor's counsel raised objections regarding the rent receipt book, mode
…Operational Creditors…
Corporate Debtor last…