The National Agricultural Co-operative Marketing Federation of India Limited (Petitioner) filed a Company Petition seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Umarai Worldwide Private Limited (Corporate Debtor). The Petitioner alleges that the Corporate Debtor defaulted in making a payment of ₹2,14,14,560/-. The Petitioner is the owner of a cold storage known as NAFED Cold Storage situated at Vashi-Turbhe, Navi Mumbai. The Corporate Debtor was a successful bidder in a tender process conducted by the Petitioner for letting out the Cold Storage Facility on a leave and license basis for three years. A Leave & License Agreement dated 01.10.2015 was executed between the Petitioner and Corporate Debtor. The agreement stipulated a
…National Agricultural Co-operative Marketing Federation of India Limited (NAFED) owns a cold storage facility. Umarai Worldwide Private Limited (Corporate Debtor) won a tender to operate the facility under a Leave & License Agreement dated 2015-10-01. The agreement stipulated a monthly license fee of ₹9,31,000, increasing by 10% after one year, plus utility bill payments. The Corporate Debtor defaulted on payments from September 2017, accumulating a debt of ₹2,14,14,560. NAFED issued an eviction notice and a demand notice under Section 8 of the Insolvency & Bankruptcy Code (IBC). The Corporate Debtor denied the debt and requested renewal of the agreement. NAFED also initiated criminal proceedings due to dishonored cheques. The Corporate Debtor failed to appear
…Sign in to view the parties.
Leave & License Agreement executed between the…
Corporate Debtor…
The National Agricultural Co-operative Marketing Federation of India Limited (Petitioner) filed a Company Petition seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Umarai Worldwide Private Limited (Corporate Debtor). The Petitioner alleges that the Corporate Debtor defaulted in making a payment of ₹2,14,14,560/-. The Petitioner is the owner of a cold storage known as NAFED Cold Storage situated at Vashi-Turbhe, Navi Mumbai. The Corporate Debtor was a successful bidder in a tender process conducted by the Petitioner for letting out the Cold Storage Facility on a leave and license basis for three years. A Leave & License Agreement dated 01.10.2015 was executed between the Petitioner and Corporate Debtor. The agreement stipulated a
…National Agricultural Co-operative Marketing Federation of India Limited (NAFED) owns a cold storage facility. Umarai Worldwide Private Limited (Corporate Debtor) won a tender to operate the facility under a Leave & License Agreement dated 2015-10-01. The agreement stipulated a monthly license fee of ₹9,31,000, increasing by 10% after one year, plus utility bill payments. The Corporate Debtor defaulted on payments from September 2017, accumulating a debt of ₹2,14,14,560. NAFED issued an eviction notice and a demand notice under Section 8 of the Insolvency & Bankruptcy Code (IBC). The Corporate Debtor denied the debt and requested renewal of the agreement. NAFED also initiated criminal proceedings due to dishonored cheques. The Corporate Debtor failed to appear
…Leave & License Agreement executed between the…
Corporate Debtor…