The case involves a petition filed by Mr. Ibrahim Electricwala and Mr. Ismail Electricwala against Logix Supply Chain Solutions Private Limited, the Corporate Debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petitioners claimed that the Corporate Debtor defaulted on 15.08.2017 in paying Rs. 28,59,045/-. The petitioners are the owners of a property leased to the Corporate Debtor under a leave and license agreement. The Corporate Debtor allegedly defaulted in making license fee payments from 15.08.2017, leading to a demand notice issued on 21.01.2019. A civil suit for recovery of possession was already pending before a jurisdictional civil court.
Mr. Ibrahim Electricwala and Mr. Ismail Electricwala (the Petitioners) filed a petition against Logix Supply Chain Solutions Private Limited (the Corporate Debtor) under Section 9 of the Insolvency & Bankruptcy Code, 2016. The Petitioners claimed that the Corporate Debtor defaulted on 15.08.2017, owing Rs. 28,59,045/-. The Petitioners are the owners of a property located at Indian Corporation Complex, Bhiwandi, Thane District, which they leased to the Corporate Debtor under a leave and license agreement dated 26.04.2016, for a period of three years at a monthly license fee of Rs. 84,000/-. The Corporate Debtor allegedly defaulted in making license fee payments from 15.08.2017, leading the Petitioners to issue a demand notice on 21.01.2019. A civil suit (Special
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Petitioners entered into a leave and license…
Corporate Debtor…
The case involves a petition filed by Mr. Ibrahim Electricwala and Mr. Ismail Electricwala against Logix Supply Chain Solutions Private Limited, the Corporate Debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petitioners claimed that the Corporate Debtor defaulted on 15.08.2017 in paying Rs. 28,59,045/-. The petitioners are the owners of a property leased to the Corporate Debtor under a leave and license agreement. The Corporate Debtor allegedly defaulted in making license fee payments from 15.08.2017, leading to a demand notice issued on 21.01.2019. A civil suit for recovery of possession was already pending before a jurisdictional civil court.
Mr. Ibrahim Electricwala and Mr. Ismail Electricwala (the Petitioners) filed a petition against Logix Supply Chain Solutions Private Limited (the Corporate Debtor) under Section 9 of the Insolvency & Bankruptcy Code, 2016. The Petitioners claimed that the Corporate Debtor defaulted on 15.08.2017, owing Rs. 28,59,045/-. The Petitioners are the owners of a property located at Indian Corporation Complex, Bhiwandi, Thane District, which they leased to the Corporate Debtor under a leave and license agreement dated 26.04.2016, for a period of three years at a monthly license fee of Rs. 84,000/-. The Corporate Debtor allegedly defaulted in making license fee payments from 15.08.2017, leading the Petitioners to issue a demand notice on 21.01.2019. A civil suit (Special
…Petitioners entered into a leave and license…
Corporate Debtor…