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), to initiate Corporate Insolvency Resolution Process (CIRP) against Aspire Fitness Private Limited, the Corporate Debtor (CD). The OCs and CD had a Leave and License Agreement, where the CD was obligated to pay a license fee including maintenance, electricity, and water bills. The OCs claimed that the CD defaulted on payments amounting to Rs. 1,34,97,857.84. The CD was set ex-parte, but the OCs were directed to issue notice to the CD. The CD did not appear.
Mr. Amit N. Gandhi and Mr. Navnitlal U. Gandhi (OCs) jointly filed an application under Section 9 of the IBC to initiate CIRP against Aspire Fitness Private Limited (CD). The OCs and CD entered into a Leave and License Agreement on 28.01.2018, where the CD was to pay a license fee including maintenance. The OCs claimed the CD defaulted on payments totaling Rs. 1,34,97,857.84, including license fees, electricity, and water bills. The CD issued a letter seeking rent reduction due to COVID-19. The OCs issued monthly invoices from November 2019 to January 2021. The OCs terminated the agreement on 25.03.2021 via email 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, received limited
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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), to initiate Corporate Insolvency Resolution Process (CIRP) against Aspire Fitness Private Limited, the Corporate Debtor (CD). The OCs and CD had a Leave and License Agreement, where the CD was obligated to pay a license fee including maintenance, electricity, and water bills. The OCs claimed that the CD defaulted on payments amounting to Rs. 1,34,97,857.84. The CD was set ex-parte, but the OCs were directed to issue notice to the CD. The CD did not appear.
Mr. Amit N. Gandhi and Mr. Navnitlal U. Gandhi (OCs) jointly filed an application under Section 9 of the IBC to initiate CIRP against Aspire Fitness Private Limited (CD). The OCs and CD entered into a Leave and License Agreement on 28.01.2018, where the CD was to pay a license fee including maintenance. The OCs claimed the CD defaulted on payments totaling Rs. 1,34,97,857.84, including license fees, electricity, and water bills. The CD issued a letter seeking rent reduction due to COVID-19. The OCs issued monthly invoices from November 2019 to January 2021. The OCs terminated the agreement on 25.03.2021 via email 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, received limited
…OCs entered into a…
CD issued a letter…