The case involves an application by M/s TNS India Private Limited (Operational Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against Mack Star Marketing Private Limited (Corporate Debtor) for defaulting on a payment of Rs. 73,41,042/-. The Operational Creditor claims this amount is due under invoices raised upon the Corporate Debtor. The Corporate Debtor argues that the security deposit under a leave and license agreement does not qualify as an 'Operational Debt' and that an arbitration clause exists in the agreement.
M/s TNS India Private Limited (Operational Creditor) filed a company petition against Mack Star Marketing Private Limited (Corporate Debtor) seeking to initiate CIRP for a default of Rs. 73,41,042/-. The Corporate Debtor owns premises at Kaledonia, Sahar Road, Andheri (East), Mumbai. A leave and license agreement was executed between the parties on 13.01.2011 for a period from 07.01.2011 to 06.01.2016. The Operational Creditor also paid a refundable interest-free security deposit of Rs. 1,27,68,042/- to the Corporate Debtor. The Corporate Debtor was liable to refund the security deposit upon the expiration of the license term. Although the license term expired on 06.01.2016, the Operational Creditor continued to occupy the premises. The Corporate Debtor transferred the
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The case involves an application by M/s TNS India Private Limited (Operational Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against Mack Star Marketing Private Limited (Corporate Debtor) for defaulting on a payment of Rs. 73,41,042/-. The Operational Creditor claims this amount is due under invoices raised upon the Corporate Debtor. The Corporate Debtor argues that the security deposit under a leave and license agreement does not qualify as an 'Operational Debt' and that an arbitration clause exists in the agreement.
M/s TNS India Private Limited (Operational Creditor) filed a company petition against Mack Star Marketing Private Limited (Corporate Debtor) seeking to initiate CIRP for a default of Rs. 73,41,042/-. The Corporate Debtor owns premises at Kaledonia, Sahar Road, Andheri (East), Mumbai. A leave and license agreement was executed between the parties on 13.01.2011 for a period from 07.01.2011 to 06.01.2016. The Operational Creditor also paid a refundable interest-free security deposit of Rs. 1,27,68,042/- to the Corporate Debtor. The Corporate Debtor was liable to refund the security deposit upon the expiration of the license term. Although the license term expired on 06.01.2016, the Operational Creditor continued to occupy the premises. The Corporate Debtor transferred the
…Leave and license agreement executed between…
Leave and license agreement started between M/s…