The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Maharashtra Tourism Development Corporation (MTDC), an operational creditor, against Luxury Train Private Limited, the corporate debtor. MTDC claimed outstanding dues for operating the 'Deccan Oddessy Luxury Train'. MTDC had exclusive rights from the Railways to operate the train. Luxury Train Private Limited approached MTDC to act as a tour operator. Agreements were executed between the parties, but Luxury Train Private Limited allegedly defaulted on payments. Before filing the insolvency petition, MTDC had filed a petition under Section 439(1)(b) of the Companies Act, 1956, before the Delhi High Court, which was later transferred to the NCLT.
Maharashtra Tourism Development Corporation (MTDC) had exclusive rights from the Railways to operate the 'Deccan Oddessy Luxury Train' since 2004. In 2009-10, Luxury Train Private Limited approached MTDC to act as a tour operator for the train. Sanction letters were issued in 2010 and 2011, and an agreement was executed in 2013 between MTDC and Luxury Train Private Limited. As per the agreement, Luxury Train Private Limited was required to pay agreed amounts towards operational costs and profit to MTDC, as well as haulage and other charges to the Railway. The entire dues were to be paid by 31.12.2013. Luxury Train Private Limited issued cheques towards these liabilities, but they were dishonored due to 'insufficient funds'. In 2014, Mr. Sajivve Trehan transferred the
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Maharashtra Tourism Development Corporation…
Luxury Train Private Limited approached MTDC…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Maharashtra Tourism Development Corporation (MTDC), an operational creditor, against Luxury Train Private Limited, the corporate debtor. MTDC claimed outstanding dues for operating the 'Deccan Oddessy Luxury Train'. MTDC had exclusive rights from the Railways to operate the train. Luxury Train Private Limited approached MTDC to act as a tour operator. Agreements were executed between the parties, but Luxury Train Private Limited allegedly defaulted on payments. Before filing the insolvency petition, MTDC had filed a petition under Section 439(1)(b) of the Companies Act, 1956, before the Delhi High Court, which was later transferred to the NCLT.
Maharashtra Tourism Development Corporation (MTDC) had exclusive rights from the Railways to operate the 'Deccan Oddessy Luxury Train' since 2004. In 2009-10, Luxury Train Private Limited approached MTDC to act as a tour operator for the train. Sanction letters were issued in 2010 and 2011, and an agreement was executed in 2013 between MTDC and Luxury Train Private Limited. As per the agreement, Luxury Train Private Limited was required to pay agreed amounts towards operational costs and profit to MTDC, as well as haulage and other charges to the Railway. The entire dues were to be paid by 31.12.2013. Luxury Train Private Limited issued cheques towards these liabilities, but they were dishonored due to 'insufficient funds'. In 2014, Mr. Sajivve Trehan transferred the
…Maharashtra Tourism Development Corporation…
Luxury Train Private Limited approached MTDC…