Magneto Home Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Conclave Infratech Private Limited, claiming to be an operational creditor. The operational creditor provided furniture and home appliances to the corporate debtor on a rental and later-to-own basis, with an initial rental period of 24 months. A Master Lease Agreement (MLA) was entered into on March 27, 2017, governing the business transactions. The operational creditor delivered orders, and the corporate debtor confirmed them. However, the corporate debtor delayed payments and eventually stopped paying rent after 11 months of the first order. A demand notice was sent on June 30, 2018, demanding a sum of Rs. 1,07,26,577/-.
Magneto Home Private Limited (Operational Creditor) provided furniture and home appliances to Conclave Infratech Private Limited (Corporate Debtor) on a rental and later-to-own basis, governed by a Master Lease Agreement (MLA) dated March 27, 2017. The initial rental period was agreed to be 24 months. The Operational Creditor delivered orders, which were confirmed by the Corporate Debtor via acceptance letters. The Corporate Debtor delayed payments and stopped paying rent after 11 months of the first order. The Operational Creditor sent a demand notice on June 30, 2018, demanding Rs. 1,07,26,577/-. The Corporate Debtor claimed that the materials were not supplied in time or in good condition, leading to disputes and delayed payments from tenants. The Corporate Debtor
…Sign in to view the parties.
Parties entered into a Master Lease Agreement…
Operational Creditor delivered its first order…
Magneto Home Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Conclave Infratech Private Limited, claiming to be an operational creditor. The operational creditor provided furniture and home appliances to the corporate debtor on a rental and later-to-own basis, with an initial rental period of 24 months. A Master Lease Agreement (MLA) was entered into on March 27, 2017, governing the business transactions. The operational creditor delivered orders, and the corporate debtor confirmed them. However, the corporate debtor delayed payments and eventually stopped paying rent after 11 months of the first order. A demand notice was sent on June 30, 2018, demanding a sum of Rs. 1,07,26,577/-.
Magneto Home Private Limited (Operational Creditor) provided furniture and home appliances to Conclave Infratech Private Limited (Corporate Debtor) on a rental and later-to-own basis, governed by a Master Lease Agreement (MLA) dated March 27, 2017. The initial rental period was agreed to be 24 months. The Operational Creditor delivered orders, which were confirmed by the Corporate Debtor via acceptance letters. The Corporate Debtor delayed payments and stopped paying rent after 11 months of the first order. The Operational Creditor sent a demand notice on June 30, 2018, demanding Rs. 1,07,26,577/-. The Corporate Debtor claimed that the materials were not supplied in time or in good condition, leading to disputes and delayed payments from tenants. The Corporate Debtor
…Parties entered into a Master Lease Agreement…
Operational Creditor delivered its first order…