Shakti Iron and Steel Company, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) against Indus Towers Limited, the Corporate Debtor, due to unpaid operational debt of Rs. 1,26,39,046/- related to a lease agreement.
A lease deed was executed between Shakti Iron and Steel Company (Operational Creditor) and Indus Towers Limited (Corporate Debtor) on 14.06.2024.
The lease deed had a lock-in period of two years, i.e., till 13.06.2026.
The Corporate Debtor terminated the lease deed by a notice dated 05.09.2024.
The Operational Creditor claimed unpaid lease rentals for the period from 14.06.2024 to 13.06.2026, amounting to Rs. 1,26,39,046/-.
The Corporate Debtor claimed commercial unviability due to withdrawal of a third party partner.
The Corporate Debtor issued a termination notice on 05.09.2024, prior to any alleged default or demand notice issued by the Operational Creditor.
The Operational Creditor issued a demand notice dated 11.11.2024 under section 8 of the Code.
…Sign in to view the parties.
A lease deed was…
Indus Towers Limited…
Shakti Iron and Steel Company, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) against Indus Towers Limited, the Corporate Debtor, due to unpaid operational debt of Rs. 1,26,39,046/- related to a lease agreement.
A lease deed was executed between Shakti Iron and Steel Company (Operational Creditor) and Indus Towers Limited (Corporate Debtor) on 14.06.2024.
The lease deed had a lock-in period of two years, i.e., till 13.06.2026.
The Corporate Debtor terminated the lease deed by a notice dated 05.09.2024.
The Operational Creditor claimed unpaid lease rentals for the period from 14.06.2024 to 13.06.2026, amounting to Rs. 1,26,39,046/-.
The Corporate Debtor claimed commercial unviability due to withdrawal of a third party partner.
The Corporate Debtor issued a termination notice on 05.09.2024, prior to any alleged default or demand notice issued by the Operational Creditor.
The Operational Creditor issued a demand notice dated 11.11.2024 under section 8 of the Code.
…A lease deed was…
Indus Towers Limited…