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 to ARIHANT under a license agreement, which was later converted into a loan agreement. The financial creditor claimed default on the loan repayment.
GIRIAS INVESTMENT PRIVATE LIMITED (Financial Creditor) and ARIHANT RETAIL PRIVATE LIMITED (Corporate Debtor) entered into a license agreement on 2014-11-15, where GIRIAS paid Rs. 44,50,000 as an interest-free refundable security deposit to ARIHANT for utilizing a shop in Harbour Square. Later, a supplementary agreement came into force on 2016-04-01, and the license fee was revised. GIRIAS also provided an additional Rs. 2,25,00,000 as an interest-free deposit. Due to issues like water and electricity disconnections and property tax demands, GIRIAS issued a notice to ARIHANT on 2022-05-27 demanding the security deposit back. ARIHANT expressed its inability to pay. Subsequently, on 2022-06-22, GIRIAS indicated its intention to vacate the property and demanded repayment.
…Sign in to view the parties.
GIRIAS INVESTMENT PRIVATE LIMITED and ARIHANT…
Supplementary Lease Agreement came into force.…
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 to ARIHANT under a license agreement, which was later converted into a loan agreement. The financial creditor claimed default on the loan repayment.
GIRIAS INVESTMENT PRIVATE LIMITED (Financial Creditor) and ARIHANT RETAIL PRIVATE LIMITED (Corporate Debtor) entered into a license agreement on 2014-11-15, where GIRIAS paid Rs. 44,50,000 as an interest-free refundable security deposit to ARIHANT for utilizing a shop in Harbour Square. Later, a supplementary agreement came into force on 2016-04-01, and the license fee was revised. GIRIAS also provided an additional Rs. 2,25,00,000 as an interest-free deposit. Due to issues like water and electricity disconnections and property tax demands, GIRIAS issued a notice to ARIHANT on 2022-05-27 demanding the security deposit back. ARIHANT expressed its inability to pay. Subsequently, on 2022-06-22, GIRIAS indicated its intention to vacate the property and demanded repayment.
…GIRIAS INVESTMENT PRIVATE LIMITED and ARIHANT…
Supplementary Lease Agreement came into force.…