MTU Maintenance Berlin-Brandenburg GmbH filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against LEPL Projects Limited for default in payment of an operational debt. The petitioner and respondent had entered into a General Terms Agreement (GTA) and subsequent Aircraft Engine Lease Agreements. Disputes arose regarding the maintenance and delivery of aircraft engines, leading to a settlement agreement. The respondent allegedly failed to adhere to the settlement agreement, prompting the petitioner to pursue legal action in London and subsequently file for CIRP in India.
MTU Maintenance Berlin-Brandenburg GmbH (petitioner) filed a petition against LEPL Projects Limited (respondent) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petitioner and respondent entered into a General Terms Agreement (GTA) on November 6, 2014, for leasing civil aircraft engines. Subsequently, they entered into an Aircraft Engine Lease Agreement on May 11, 2015, where MTU-Netherlands leased one CF 34-8E engine to the respondent. There were delays in the delivery of the engine, and the respondent claimed deficiencies in the maintenance services provided by the petitioner. A settlement agreement was executed on September 7, 2016, where the respondent agreed to pay US $ 1,990,914.34 in installments. The respondent allegedly failed to adhere to the
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LEPL Projects Limited and MTU Maintenance Lease…
LEPL Projects Limited and MTU Maintenance…
MTU Maintenance Berlin-Brandenburg GmbH filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against LEPL Projects Limited for default in payment of an operational debt. The petitioner and respondent had entered into a General Terms Agreement (GTA) and subsequent Aircraft Engine Lease Agreements. Disputes arose regarding the maintenance and delivery of aircraft engines, leading to a settlement agreement. The respondent allegedly failed to adhere to the settlement agreement, prompting the petitioner to pursue legal action in London and subsequently file for CIRP in India.
MTU Maintenance Berlin-Brandenburg GmbH (petitioner) filed a petition against LEPL Projects Limited (respondent) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petitioner and respondent entered into a General Terms Agreement (GTA) on November 6, 2014, for leasing civil aircraft engines. Subsequently, they entered into an Aircraft Engine Lease Agreement on May 11, 2015, where MTU-Netherlands leased one CF 34-8E engine to the respondent. There were delays in the delivery of the engine, and the respondent claimed deficiencies in the maintenance services provided by the petitioner. A settlement agreement was executed on September 7, 2016, where the respondent agreed to pay US $ 1,990,914.34 in installments. The respondent allegedly failed to adhere to the
…LEPL Projects Limited and MTU Maintenance Lease…
LEPL Projects Limited and MTU Maintenance…