The case involves an application filed by Saiom Developers Pvt Ltd, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against R Square Shri Saibaba Abhikaran Private Ltd, the Corporate Debtor, due to a default of Rs. 52,74,056/-. The default pertains to unpaid compensation, common area maintenance charges, electricity dues, and parking charges related to leave and license agreements for units in 'K-Stars Mall' in Mumbai. The Corporate Debtor contested the application, arguing that the rent was not an operational debt, there was a pre-existing dispute, the claim was time-barred, and the Operational Creditor was in breach of contract.
Saiom Developers Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against R Square Shri Saibaba Abhikaran Private Ltd (Corporate Debtor). The claim was for Rs. 52,74,056/-, comprising compensation, common area maintenance charges, electricity dues, and parking charges. These dues arose from leave and license agreements dated 2016-02-18 and 2014-04-21, for units in 'K-Stars Mall' in Chembur, Mumbai. The Operational Creditor argued that the Corporate Debtor defaulted on payments, leading to the application. The Corporate Debtor contested the application, claiming that the rent was not an operational debt, there was a pre-existing dispute, the claim was time-barred, and the Operational Creditor was in breach
…Sign in to view the parties.
Application filed under Section 9 of IBC by…
Order reserved…
The case involves an application filed by Saiom Developers Pvt Ltd, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against R Square Shri Saibaba Abhikaran Private Ltd, the Corporate Debtor, due to a default of Rs. 52,74,056/-. The default pertains to unpaid compensation, common area maintenance charges, electricity dues, and parking charges related to leave and license agreements for units in 'K-Stars Mall' in Mumbai. The Corporate Debtor contested the application, arguing that the rent was not an operational debt, there was a pre-existing dispute, the claim was time-barred, and the Operational Creditor was in breach of contract.
Saiom Developers Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against R Square Shri Saibaba Abhikaran Private Ltd (Corporate Debtor). The claim was for Rs. 52,74,056/-, comprising compensation, common area maintenance charges, electricity dues, and parking charges. These dues arose from leave and license agreements dated 2016-02-18 and 2014-04-21, for units in 'K-Stars Mall' in Chembur, Mumbai. The Operational Creditor argued that the Corporate Debtor defaulted on payments, leading to the application. The Corporate Debtor contested the application, claiming that the rent was not an operational debt, there was a pre-existing dispute, the claim was time-barred, and the Operational Creditor was in breach
…Application filed under Section 9 of IBC by…
Order reserved…