M/s. Parvath Industries, the Petitioner/Operational Creditor, filed C.P.(IB)No.205/BB/2018 under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. All Digital Network India Limited, the Respondent/Corporate Debtor. The claim was based on an alleged default of Rs.41,53,754/- arising from unpaid rent under a lease agreement. The Respondent contended that the petition was barred by laches and limitation, the lease agreement had expired, and the Petitioner, being a landlord, could not qualify as an Operational Creditor under the IBC, 2016.
M/s. Parvath Industries (Petitioner/Operational Creditor) is a partnership firm. M/s. All Digital Network India Limited (Respondent/Corporate Debtor) was incorporated on 18.12.2012 under the Companies Act, 1956, and operates in the Cable TV business. The Petitioner leased office space to the Respondent in 3rd Floor measuring 5900 Square feet along with terrace portion for a monthly rental of Rs.1,40,000/- at No.B89, 5th Main Road, KSIDC Industrial Estate, Rajajinagar, under a lease deed dated 13.02.2013. The Respondent continued to occupy the premises but allegedly did not regularly pay rent. The Petitioner issued a legal notice on 28.02.2018 demanding arrears of Rs.41,53,754/- for the period from December 2016 to February 2018. The Petitioner then issued a demand
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M/s. All Digital…
A lease deed was…
M/s. Parvath Industries, the Petitioner/Operational Creditor, filed C.P.(IB)No.205/BB/2018 under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. All Digital Network India Limited, the Respondent/Corporate Debtor. The claim was based on an alleged default of Rs.41,53,754/- arising from unpaid rent under a lease agreement. The Respondent contended that the petition was barred by laches and limitation, the lease agreement had expired, and the Petitioner, being a landlord, could not qualify as an Operational Creditor under the IBC, 2016.
M/s. Parvath Industries (Petitioner/Operational Creditor) is a partnership firm. M/s. All Digital Network India Limited (Respondent/Corporate Debtor) was incorporated on 18.12.2012 under the Companies Act, 1956, and operates in the Cable TV business. The Petitioner leased office space to the Respondent in 3rd Floor measuring 5900 Square feet along with terrace portion for a monthly rental of Rs.1,40,000/- at No.B89, 5th Main Road, KSIDC Industrial Estate, Rajajinagar, under a lease deed dated 13.02.2013. The Respondent continued to occupy the premises but allegedly did not regularly pay rent. The Petitioner issued a legal notice on 28.02.2018 demanding arrears of Rs.41,53,754/- for the period from December 2016 to February 2018. The Petitioner then issued a demand
…M/s. All Digital…
A lease deed was…