The case involves a petition filed by Cyberabad Hitech Integrated Township Development Corporation Private Limited (CHIDCO), the Financial Creditor, against CLAPS Wikids Education Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claims that the Corporate Debtor defaulted on a total amount of Rs. 5,68,821, comprising principal and interest, related to a lease agreement for premises used for a play school. The petition seeks initiation of the Corporate Insolvency Resolution Process (CIRP), a moratorium, and appointment of an Interim Resolution Professional (IRP).
Cyberabad Hitech Integrated Township Development Corporation Private Limited (CHIDCO) leased premises to CLAPS Wikids Education Private Limited for running a play school, as per a lease deed dated 2014-04-12. The monthly rent was initially Rs. 14,880, with a 5% annual increase. A security deposit of Rs. 75,000 was also required. The Corporate Debtor defaulted on rent and electrical charges from April 2014 to September 2015. From 2015-10-14 to 2016-12-17, the Corporate Debtor paid Rs. 5,15,000 out of the total due of Rs. 9,42,415. The Corporate Debtor was notified as a defaulter for payments from October 2016 to July 2018. The total outstanding amount, including rent, electrical charges, and interest, was Rs. 5,68,821. A legal notice was issued on 2017-10-26, demanding
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Lease deed executed between Cyberabad Hitech…
Corporate Debtor issued a cheque for Rs.…
The case involves a petition filed by Cyberabad Hitech Integrated Township Development Corporation Private Limited (CHIDCO), the Financial Creditor, against CLAPS Wikids Education Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claims that the Corporate Debtor defaulted on a total amount of Rs. 5,68,821, comprising principal and interest, related to a lease agreement for premises used for a play school. The petition seeks initiation of the Corporate Insolvency Resolution Process (CIRP), a moratorium, and appointment of an Interim Resolution Professional (IRP).
Cyberabad Hitech Integrated Township Development Corporation Private Limited (CHIDCO) leased premises to CLAPS Wikids Education Private Limited for running a play school, as per a lease deed dated 2014-04-12. The monthly rent was initially Rs. 14,880, with a 5% annual increase. A security deposit of Rs. 75,000 was also required. The Corporate Debtor defaulted on rent and electrical charges from April 2014 to September 2015. From 2015-10-14 to 2016-12-17, the Corporate Debtor paid Rs. 5,15,000 out of the total due of Rs. 9,42,415. The Corporate Debtor was notified as a defaulter for payments from October 2016 to July 2018. The total outstanding amount, including rent, electrical charges, and interest, was Rs. 5,68,821. A legal notice was issued on 2017-10-26, demanding
…Lease deed executed between Cyberabad Hitech…
Corporate Debtor issued a cheque for Rs.…