The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Viom Infra Ventures Limited (Operational Creditor) against Bahula Infotech Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed default on payments related to a Master Lease Agreement for equipment rental. The Corporate Debtor argued that there was a pre-existing dispute and that CIRP could not be initiated based on an Arbitral Award.
Viom Infra Ventures Limited (Operational Creditor) filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Bahula Infotech Private Limited (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into a Master Lease Agreement dated 09 July, 2018, where the Operational Creditor agreed to provide equipment to the Corporate Debtor on a monthly lease/rental basis. The Corporate Debtor started avoiding payments, leading the Operational Creditor to invoke the Arbitration Clause. The Arbitral Tribunal directed the Corporate Debtor to pay Rs.27,58,58,278/- to the Operational Creditor. The Corporate Debtor transferred Rs.15,92,78,600/-, leaving a balance of Rs.11,65,79,678/-. The Operational Creditor issued a demand notice
…Sign in to view the parties.
A Master Lease Agreement was entered into…
The Operational Creditor sent letters reminding…
The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Viom Infra Ventures Limited (Operational Creditor) against Bahula Infotech Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed default on payments related to a Master Lease Agreement for equipment rental. The Corporate Debtor argued that there was a pre-existing dispute and that CIRP could not be initiated based on an Arbitral Award.
Viom Infra Ventures Limited (Operational Creditor) filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Bahula Infotech Private Limited (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into a Master Lease Agreement dated 09 July, 2018, where the Operational Creditor agreed to provide equipment to the Corporate Debtor on a monthly lease/rental basis. The Corporate Debtor started avoiding payments, leading the Operational Creditor to invoke the Arbitration Clause. The Arbitral Tribunal directed the Corporate Debtor to pay Rs.27,58,58,278/- to the Operational Creditor. The Corporate Debtor transferred Rs.15,92,78,600/-, leaving a balance of Rs.11,65,79,678/-. The Operational Creditor issued a demand notice
…A Master Lease Agreement was entered into…
The Operational Creditor sent letters reminding…