Knight Frank (India) Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against CAPL Hotels and Spa Private Ltd, the Corporate Debtor, due to an alleged default of Rs. 1,53,69,221/-. The Operational Creditor provided services related to leasing arrangements for the Corporate Debtor's Galaxy Hotel. Despite the Corporate Debtor making a partial payment via cheque, the cheque was returned due to insufficient funds. Demand notices were served, but no settlement was reached.
Knight Frank (India) Private Limited (Operational Creditor) sought to initiate CIRP against CAPL Hotels and Spa Private Ltd (Corporate Debtor) under Section 9 of IBC, 2016, for a default of Rs. 1,53,69,221/-. The Operational Creditor was engaged as an exclusive agency for arranging lease/rent of Galaxy Hotel for the Corporate Debtor. A lease agreement was signed on 01.10.2018, and the lease deed was stamped and registered on 24.01.2019. The Operational Creditor completed its scope of work as agreed upon on 16.02.2018. On 29.01.2019, the applicant communicated to the Corporate Debtor about the completion of work. The consideration for services was Rs. 2,62,32,887/-, later revised to Rs. 1,77,85,008/-. The Corporate Debtor paid Rs. 1,50,97,060/- via cheque on 30.04.2019,
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The applicant was engaged as an exclusive agency…
The lease agreement was signed by the Corporate…
Knight Frank (India) Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against CAPL Hotels and Spa Private Ltd, the Corporate Debtor, due to an alleged default of Rs. 1,53,69,221/-. The Operational Creditor provided services related to leasing arrangements for the Corporate Debtor's Galaxy Hotel. Despite the Corporate Debtor making a partial payment via cheque, the cheque was returned due to insufficient funds. Demand notices were served, but no settlement was reached.
Knight Frank (India) Private Limited (Operational Creditor) sought to initiate CIRP against CAPL Hotels and Spa Private Ltd (Corporate Debtor) under Section 9 of IBC, 2016, for a default of Rs. 1,53,69,221/-. The Operational Creditor was engaged as an exclusive agency for arranging lease/rent of Galaxy Hotel for the Corporate Debtor. A lease agreement was signed on 01.10.2018, and the lease deed was stamped and registered on 24.01.2019. The Operational Creditor completed its scope of work as agreed upon on 16.02.2018. On 29.01.2019, the applicant communicated to the Corporate Debtor about the completion of work. The consideration for services was Rs. 2,62,32,887/-, later revised to Rs. 1,77,85,008/-. The Corporate Debtor paid Rs. 1,50,97,060/- via cheque on 30.04.2019,
…The applicant was engaged as an exclusive agency…
The lease agreement was signed by the Corporate…