Parsvnath Developers Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code against Savemax Wholesale Club Private Ltd. The Operational Creditor (Parsvnath Developers) and the Corporate Debtor (Savemax Wholesale Club) had an agreement where the Operational Creditor sub-licensed a portion of a mall to the Corporate Debtor for operating a multi-brand/hyper market. Disputes arose due to non-payment of rent by the Corporate Debtor.
Parsvnath Developers Ltd. (Operational Creditor) entered into an agreement with Delhi Metro Rail Corporation Ltd. to develop a mall named Parsvnath Mall at Akshardham Metro Station. Parsvnath Developers then sub-licensed a portion of the mall, approximately 24,480 sq. ft., to Savemax Wholesale Club Private Ltd. (Corporate Debtor) for operating a multi-brand/hyper market. The agreement stipulated a minimum guaranteed amount of Rs. 65/- per square foot or a percentage of revenue share, whichever was higher, with periodic enhancements. The agreement also included a minimum lock-in period of 30 months and a refundable security deposit. The Corporate Debtor made a partial payment of Rs. 36,72,000/-. The rent was to commence from 2017-06-15, payable before the 10th of each
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Rent was to commence…
Operational Creditor…
Parsvnath Developers Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code against Savemax Wholesale Club Private Ltd. The Operational Creditor (Parsvnath Developers) and the Corporate Debtor (Savemax Wholesale Club) had an agreement where the Operational Creditor sub-licensed a portion of a mall to the Corporate Debtor for operating a multi-brand/hyper market. Disputes arose due to non-payment of rent by the Corporate Debtor.
Parsvnath Developers Ltd. (Operational Creditor) entered into an agreement with Delhi Metro Rail Corporation Ltd. to develop a mall named Parsvnath Mall at Akshardham Metro Station. Parsvnath Developers then sub-licensed a portion of the mall, approximately 24,480 sq. ft., to Savemax Wholesale Club Private Ltd. (Corporate Debtor) for operating a multi-brand/hyper market. The agreement stipulated a minimum guaranteed amount of Rs. 65/- per square foot or a percentage of revenue share, whichever was higher, with periodic enhancements. The agreement also included a minimum lock-in period of 30 months and a refundable security deposit. The Corporate Debtor made a partial payment of Rs. 36,72,000/-. The rent was to commence from 2017-06-15, payable before the 10th of each
…Rent was to commence…
Operational Creditor…