Plutusone Hospitality Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Busabong & Co. Private Limited, the Corporate Debtor. The Financial Creditor alleged that the Corporate Debtor defaulted in making payment of Rs. 7,02,682/-. The petition was based on a Restaurant Operations and Services Agreement (ROSA) where Plutusone was to finance, furnish, and equip restaurants operated by Busabong. Disputes arose regarding the provision and repayment of working capital.
Plutusone Hospitality Private Limited (Financial Creditor) and Busabong & Co. Private Limited (Corporate Debtor) entered into a Restaurant Operations and Services Agreement (ROSA) on December 8, 2017. Under the ROSA, Plutusone was to finance, furnish, and equip restaurants in Mumbai, which would be operated by Busabong under the brand names 'Busago' or 'Busaba'. Plutusone was to provide capital expenditure of up to Rs. 35,00,000/- per outlet. The restaurants were set up at Powai, Mulund, and Thane. The premises for these restaurants were rented in the name of the Financial Creditor. The Corporate Debtor was responsible for arranging working capital from the operating account. In March 2018, the Corporate Debtor allegedly owed Rs. 6,26,006 to the Financial Creditor.
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Plutusone Hospitality…
The Corporate Debtor…
Plutusone Hospitality Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Busabong & Co. Private Limited, the Corporate Debtor. The Financial Creditor alleged that the Corporate Debtor defaulted in making payment of Rs. 7,02,682/-. The petition was based on a Restaurant Operations and Services Agreement (ROSA) where Plutusone was to finance, furnish, and equip restaurants operated by Busabong. Disputes arose regarding the provision and repayment of working capital.
Plutusone Hospitality Private Limited (Financial Creditor) and Busabong & Co. Private Limited (Corporate Debtor) entered into a Restaurant Operations and Services Agreement (ROSA) on December 8, 2017. Under the ROSA, Plutusone was to finance, furnish, and equip restaurants in Mumbai, which would be operated by Busabong under the brand names 'Busago' or 'Busaba'. Plutusone was to provide capital expenditure of up to Rs. 35,00,000/- per outlet. The restaurants were set up at Powai, Mulund, and Thane. The premises for these restaurants were rented in the name of the Financial Creditor. The Corporate Debtor was responsible for arranging working capital from the operating account. In March 2018, the Corporate Debtor allegedly owed Rs. 6,26,006 to the Financial Creditor.
…Plutusone Hospitality…
The Corporate Debtor…