P&P Legal, an operational creditor, filed a company petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against Reliable Spaces Private Limited, the corporate debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The basis for the petition was the corporate debtor's alleged default in making payment of ₹3,43,125/- including interest, for legal services provided by P&P Legal. The corporate debtor denied any outstanding liability, claiming they never instructed the petitioner to provide any services. The petitioner argued that the corporate debtor's consultants approached them on behalf of the debtor, seeking legal services related to a proposed loan facility from SBI.
P&P Legal, an operational creditor, claimed that Reliable Spaces Private Limited, the corporate debtor, defaulted on a payment of ₹3,43,125/- for legal services. P&P Legal was approached by the corporate debtor's consultants, Mr. Gaurav Mehta and Mr. Tarak Gor of Pristine Advisory Services, to provide legal services related to a proposed loan facility from SBI. P&P Legal drafted and reviewed loan documents, including a Loan Agreement, Deed of Hypothecation, and Escrow Account Agreement. A 'Bill of Costs' for ₹2,25,000/- was raised and sent to Mr. Gaurav Mehta. The corporate debtor later withdrew from the proposed loan transaction. P&P Legal sent a demand notice under Section 8 of the I&B Code, which the corporate debtor replied to, denying any
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The Respondent applied…
SBI sanctioned a LRD…
P&P Legal, an operational creditor, filed a company petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against Reliable Spaces Private Limited, the corporate debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The basis for the petition was the corporate debtor's alleged default in making payment of ₹3,43,125/- including interest, for legal services provided by P&P Legal. The corporate debtor denied any outstanding liability, claiming they never instructed the petitioner to provide any services. The petitioner argued that the corporate debtor's consultants approached them on behalf of the debtor, seeking legal services related to a proposed loan facility from SBI.
P&P Legal, an operational creditor, claimed that Reliable Spaces Private Limited, the corporate debtor, defaulted on a payment of ₹3,43,125/- for legal services. P&P Legal was approached by the corporate debtor's consultants, Mr. Gaurav Mehta and Mr. Tarak Gor of Pristine Advisory Services, to provide legal services related to a proposed loan facility from SBI. P&P Legal drafted and reviewed loan documents, including a Loan Agreement, Deed of Hypothecation, and Escrow Account Agreement. A 'Bill of Costs' for ₹2,25,000/- was raised and sent to Mr. Gaurav Mehta. The corporate debtor later withdrew from the proposed loan transaction. P&P Legal sent a demand notice under Section 8 of the I&B Code, which the corporate debtor replied to, denying any
…The Respondent applied…
SBI sanctioned a LRD…