Ajay Fashions Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Airplaza Retail Holdings Private Limited, the corporate debtor, for unpaid lease rentals. The operational creditor claimed a default amount of Rs. 1,27,39,039.70/- based on invoices raised for the leased premises. The corporate debtor argued that there was a pre-existing dispute, the claim included liquidated damages which were not adjudicated, and the default fell within the period covered by Section 10A of the IBC, which prohibits initiation of CIRP for defaults occurring during the specified COVID-19 period.
Ajay Fashions Private Limited (operational creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Airplaza Retail Holdings Private Limited (corporate debtor) for unpaid lease rentals. The lease agreement between the parties was dated 29.06.2006 and extended till 14.05.2021. The operational creditor claimed a default of Rs. 1,27,39,039.70/-. The corporate debtor argued that there was a pre-existing dispute, the claim included liquidated damages, and the default fell within the period covered by Section 10A of the IBC (COVID-19 period). The operational creditor sent reminders and a legal notice dated 29.04.2021. The corporate debtor proposed a settlement agreement in September 2021 but made no payments, except for a deposit of Rs.
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Lease Agreement between Ajay Fashions…
Airplaza Retail…
Ajay Fashions Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Airplaza Retail Holdings Private Limited, the corporate debtor, for unpaid lease rentals. The operational creditor claimed a default amount of Rs. 1,27,39,039.70/- based on invoices raised for the leased premises. The corporate debtor argued that there was a pre-existing dispute, the claim included liquidated damages which were not adjudicated, and the default fell within the period covered by Section 10A of the IBC, which prohibits initiation of CIRP for defaults occurring during the specified COVID-19 period.
Ajay Fashions Private Limited (operational creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Airplaza Retail Holdings Private Limited (corporate debtor) for unpaid lease rentals. The lease agreement between the parties was dated 29.06.2006 and extended till 14.05.2021. The operational creditor claimed a default of Rs. 1,27,39,039.70/-. The corporate debtor argued that there was a pre-existing dispute, the claim included liquidated damages, and the default fell within the period covered by Section 10A of the IBC (COVID-19 period). The operational creditor sent reminders and a legal notice dated 29.04.2021. The corporate debtor proposed a settlement agreement in September 2021 but made no payments, except for a deposit of Rs.
…Lease Agreement between Ajay Fashions…
Airplaza Retail…