The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mr. Amit N. Gandhi and Mr. Navnitlal U. Gandhi, the Operational Creditors (OCs), against Aspire Fitness Private Limited, the Corporate Debtor (CD), for initiating Corporate Insolvency Resolution Process (CIRP). The OCs and CD had a Leave and License Agreement, where the CD was obligated to pay a license fee, electricity, and water bills. The OCs claimed default by the CD on these payments. The CD was set ex-parte, and the OCs were directed to issue notice to the CD. The OCs claimed that the CD issued a letter seeking rent reduction due to the COVID-19 pandemic. The OCs terminated the agreement due to non-payment and issued a demand notice under Section 8 of the
…Mr. Amit N. Gandhi and Mr. Navnitlal U. Gandhi (OCs) jointly filed an application under Section 9 of the IBC against Aspire Fitness Private Limited (CD). The OCs and CD entered into a Leave and License Agreement on 28.01.2018 for 4 terms of 12 months, where the CD was to establish a health club and gym. The CD was obligated to pay a license fee, electricity, and water bills. The OCs claimed that the CD defaulted on payments, with a total amount of Rs. 1,34,97,857.84 outstanding. The CD issued a letter seeking rent reduction due to the COVID-19 pandemic from 01.11.2020 to 31.12.2021. The OCs terminated the agreement on 25.03.2021 and issued a demand notice under Section 8 of the IBC on 19.10.2021. The CD was set ex-parte on 23.03.2023. The OCs' banker, ICICI Bank, had
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CD issued a letter seeking rent reduction due…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mr. Amit N. Gandhi and Mr. Navnitlal U. Gandhi, the Operational Creditors (OCs), against Aspire Fitness Private Limited, the Corporate Debtor (CD), for initiating Corporate Insolvency Resolution Process (CIRP). The OCs and CD had a Leave and License Agreement, where the CD was obligated to pay a license fee, electricity, and water bills. The OCs claimed default by the CD on these payments. The CD was set ex-parte, and the OCs were directed to issue notice to the CD. The OCs claimed that the CD issued a letter seeking rent reduction due to the COVID-19 pandemic. The OCs terminated the agreement due to non-payment and issued a demand notice under Section 8 of the
…Mr. Amit N. Gandhi and Mr. Navnitlal U. Gandhi (OCs) jointly filed an application under Section 9 of the IBC against Aspire Fitness Private Limited (CD). The OCs and CD entered into a Leave and License Agreement on 28.01.2018 for 4 terms of 12 months, where the CD was to establish a health club and gym. The CD was obligated to pay a license fee, electricity, and water bills. The OCs claimed that the CD defaulted on payments, with a total amount of Rs. 1,34,97,857.84 outstanding. The CD issued a letter seeking rent reduction due to the COVID-19 pandemic from 01.11.2020 to 31.12.2021. The OCs terminated the agreement on 25.03.2021 and issued a demand notice under Section 8 of the IBC on 19.10.2021. The CD was set ex-parte on 23.03.2023. The OCs' banker, ICICI Bank, had
…OCs entered into a…
CD issued a letter seeking rent reduction due…