GIRIAS INVESTMENT PRIVATE LIMITED filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against ARIHANT RETAIL PRIVATE LIMITED. The application stems from a dispute over a security deposit initially provided by GIRIAS INVESTMENT to ARIHANT under a license agreement, which was later converted into a loan agreement. The financial creditor claimed default on the loan, while the corporate debtor did not file a reply despite multiple opportunities given by the Tribunal.
GIRIAS INVESTMENT PRIVATE LIMITED (Financial Creditor) and ARIHANT RETAIL PRIVATE LIMITED (Corporate Debtor) entered into a License Agreement on 2014-11-15, where GIRIAS provided a security deposit of Rs. 44,50,000 to ARIHANT for utilizing a shop in Harbour Square. Later, a supplementary agreement was made on 2016-04-01, revising the license fee and providing an additional interest-free deposit of Rs. 2,25,00,000. Due to various issues, including unpaid dues and lack of maintenance, GIRIAS issued a notice on 2022-05-27 demanding repayment of the security deposit. ARIHANT expressed its inability to pay. Subsequently, on 2022-07-15, a Loan Agreement was executed, converting the security deposit and other outstandings into a loan of Rs. 2,71,00,000 with 12% interest,
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GIRIAS INVESTMENT PRIVATE LIMITED and ARIHANT…
A supplementary agreement was made, revising…
GIRIAS INVESTMENT PRIVATE LIMITED filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against ARIHANT RETAIL PRIVATE LIMITED. The application stems from a dispute over a security deposit initially provided by GIRIAS INVESTMENT to ARIHANT under a license agreement, which was later converted into a loan agreement. The financial creditor claimed default on the loan, while the corporate debtor did not file a reply despite multiple opportunities given by the Tribunal.
GIRIAS INVESTMENT PRIVATE LIMITED (Financial Creditor) and ARIHANT RETAIL PRIVATE LIMITED (Corporate Debtor) entered into a License Agreement on 2014-11-15, where GIRIAS provided a security deposit of Rs. 44,50,000 to ARIHANT for utilizing a shop in Harbour Square. Later, a supplementary agreement was made on 2016-04-01, revising the license fee and providing an additional interest-free deposit of Rs. 2,25,00,000. Due to various issues, including unpaid dues and lack of maintenance, GIRIAS issued a notice on 2022-05-27 demanding repayment of the security deposit. ARIHANT expressed its inability to pay. Subsequently, on 2022-07-15, a Loan Agreement was executed, converting the security deposit and other outstandings into a loan of Rs. 2,71,00,000 with 12% interest,
…GIRIAS INVESTMENT PRIVATE LIMITED and ARIHANT…
A supplementary agreement was made, revising…