Apeejay Trust, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Aviva Life Insurance Co. India Ltd., the corporate debtor, for failing to pay lease rental dues, service tax, and license fees amounting to Rs. 27,67,203/-. The operational creditor had provided office premises and other services to the corporate debtor under a Leave and License agreement dated 25.06.2008. Despite repeated requests, the corporate debtor defaulted on payments. The corporate debtor raised a preliminary objection, arguing that as an insurance company, it is a 'Financial Services Provider' and thus proceedings under IBC cannot be initiated against it.
Apeejay Trust (Operational Creditor) and Aviva Life Insurance Co. India Ltd. (Corporate Debtor) entered into a Leave and License agreement on 2008-06-25 for office premises. Apeejay Trust provided office premises and services to Aviva Life Insurance Co. India Ltd. Aviva Life Insurance Co. India Ltd. defaulted on payments towards service tax and license fees, accumulating dues of Rs. 27,67,203/-. The last payment made by the Corporate Debtor was on 2017-10-05. Apeejay Trust issued a demand notice on 2019-04-05 under Section 8 of the IBC, demanding the outstanding amount. Aviva Life Insurance Co. India Ltd. replied on 2019-05-27, denying any liability. Aviva Life Insurance Co. India Ltd. argued that as an insurance company, it is a 'Financial Services Provider' and thus
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Apeejay Trust and Aviva Life Insurance Co.…
Aviva Life Insurance…
Apeejay Trust, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Aviva Life Insurance Co. India Ltd., the corporate debtor, for failing to pay lease rental dues, service tax, and license fees amounting to Rs. 27,67,203/-. The operational creditor had provided office premises and other services to the corporate debtor under a Leave and License agreement dated 25.06.2008. Despite repeated requests, the corporate debtor defaulted on payments. The corporate debtor raised a preliminary objection, arguing that as an insurance company, it is a 'Financial Services Provider' and thus proceedings under IBC cannot be initiated against it.
Apeejay Trust (Operational Creditor) and Aviva Life Insurance Co. India Ltd. (Corporate Debtor) entered into a Leave and License agreement on 2008-06-25 for office premises. Apeejay Trust provided office premises and services to Aviva Life Insurance Co. India Ltd. Aviva Life Insurance Co. India Ltd. defaulted on payments towards service tax and license fees, accumulating dues of Rs. 27,67,203/-. The last payment made by the Corporate Debtor was on 2017-10-05. Apeejay Trust issued a demand notice on 2019-04-05 under Section 8 of the IBC, demanding the outstanding amount. Aviva Life Insurance Co. India Ltd. replied on 2019-05-27, denying any liability. Aviva Life Insurance Co. India Ltd. argued that as an insurance company, it is a 'Financial Services Provider' and thus
…Apeejay Trust and Aviva Life Insurance Co.…
Aviva Life Insurance…