Hotel Horizon Private Limited filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Degustibus Hospitality Private Limited, alleging default in payment of Rs. 1,31,52,877/-. The claim includes license fees, CAM charges, HVAC running costs, water charges, and interest on delayed payments, arising from a leave and license agreement where Hotel Horizon granted Degustibus Hospitality the right to operate a restaurant in their hotel. The agreement, dated December 28, 2017, stipulated fixed license fees or a revenue share, whichever was higher, along with CAM charges and utility payments. Hotel Horizon initiated CIRP against Degustibus Hospitality due to non-payment.
Hotel Horizon Private Limited (Operational Creditor) and Degustibus Hospitality Private Limited (Corporate Debtor) entered into a leave and license agreement on December 28, 2017, for a period of 5 years, commencing from December 26, 2017, and ending on December 25, 2022. Under the agreement, Degustibus Hospitality was to operate a restaurant named 'Indigo Deli' in Hotel Horizon's premises. The agreement stipulated payment of license fees, CAM charges, and utility charges. Degustibus Hospitality defaulted on payments, leading to a total outstanding debt of Rs. 1,31,52,877/-, including license fees (Rs. 30,15,009/-), CAM charges (Rs. 15,47,069/-), HVAC running costs (Rs. 33,06,419/-), water charges (Rs. 2,90,360/-), and interest on delayed payments (Rs. 49,94,020/-).
…Sign in to view the parties.
Hotel Horizon Private Limited and Degustibus…
The leave and…
Hotel Horizon Private Limited filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Degustibus Hospitality Private Limited, alleging default in payment of Rs. 1,31,52,877/-. The claim includes license fees, CAM charges, HVAC running costs, water charges, and interest on delayed payments, arising from a leave and license agreement where Hotel Horizon granted Degustibus Hospitality the right to operate a restaurant in their hotel. The agreement, dated December 28, 2017, stipulated fixed license fees or a revenue share, whichever was higher, along with CAM charges and utility payments. Hotel Horizon initiated CIRP against Degustibus Hospitality due to non-payment.
Hotel Horizon Private Limited (Operational Creditor) and Degustibus Hospitality Private Limited (Corporate Debtor) entered into a leave and license agreement on December 28, 2017, for a period of 5 years, commencing from December 26, 2017, and ending on December 25, 2022. Under the agreement, Degustibus Hospitality was to operate a restaurant named 'Indigo Deli' in Hotel Horizon's premises. The agreement stipulated payment of license fees, CAM charges, and utility charges. Degustibus Hospitality defaulted on payments, leading to a total outstanding debt of Rs. 1,31,52,877/-, including license fees (Rs. 30,15,009/-), CAM charges (Rs. 15,47,069/-), HVAC running costs (Rs. 33,06,419/-), water charges (Rs. 2,90,360/-), and interest on delayed payments (Rs. 49,94,020/-).
…Hotel Horizon Private Limited and Degustibus…
The leave and…