This case involves an application by operational creditors, Yogesh Ahuja & Anr., to initiate Corporate Insolvency Resolution Process (CIRP) against Govinda Industries Private Limited, the corporate debtor, due to default in payment of license fees. The operational creditors had leased office premises to the corporate debtor. Disputes arose regarding the payment of license fees, leading to the termination of the leave and license agreement. The operational creditors served a demand notice under Section 8 of the Insolvency and Bankruptcy Code, 2016, which was not replied to by the corporate debtor. The corporate debtor argued that the rent/license fee is not a claim and thereby license fees is not an operational debt.
Yogesh Ahuja & Anr. (operational creditors) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Govinda Industries Private Limited (corporate debtor) due to unpaid license fees. The operational creditors had leased office premises to the corporate debtor. The corporate debtor defaulted on license fee payments from February 2019 to September 2019, amounting to Rs. 10,40,000, and also owed Rs. 8,90,000 in liquidated damages as per the leave and license agreement dated 31.07.2018. The corporate debtor issued cheques in April 2019 to clear outstanding fees, but they were returned due to 'Funds Insufficient'. The operational creditors terminated the leave and license agreement on 19.06.2019. A demand notice was served on 15.10.2019 under
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Leave and Licence agreement was executed…
Corporate debtor issued…
This case involves an application by operational creditors, Yogesh Ahuja & Anr., to initiate Corporate Insolvency Resolution Process (CIRP) against Govinda Industries Private Limited, the corporate debtor, due to default in payment of license fees. The operational creditors had leased office premises to the corporate debtor. Disputes arose regarding the payment of license fees, leading to the termination of the leave and license agreement. The operational creditors served a demand notice under Section 8 of the Insolvency and Bankruptcy Code, 2016, which was not replied to by the corporate debtor. The corporate debtor argued that the rent/license fee is not a claim and thereby license fees is not an operational debt.
Yogesh Ahuja & Anr. (operational creditors) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Govinda Industries Private Limited (corporate debtor) due to unpaid license fees. The operational creditors had leased office premises to the corporate debtor. The corporate debtor defaulted on license fee payments from February 2019 to September 2019, amounting to Rs. 10,40,000, and also owed Rs. 8,90,000 in liquidated damages as per the leave and license agreement dated 31.07.2018. The corporate debtor issued cheques in April 2019 to clear outstanding fees, but they were returned due to 'Funds Insufficient'. The operational creditors terminated the leave and license agreement on 19.06.2019. A demand notice was served on 15.10.2019 under
…Leave and Licence agreement was executed…
Corporate debtor issued…