Hotel Horizon Pvt. Ltd. filed a Company Petition on 2020-05-15 seeking to initiate Corporate Insolvency Resolution Process (CIRP) against I Think Fitness Pvt. Ltd. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for an operational debt of Rs. 2,28,04,550/-, which included license fees, CAM charges, HVAC running costs, water charges, and interest on delayed payments. The Corporate Debtor disputed the total outstanding amount and claimed a pre-existing dispute.
Hotel Horizon Pvt. Ltd. (Operational Creditor) and I Think Fitness Pvt. Ltd. (Corporate Debtor) entered into a leave and license agreement on 2017-12-19 for a property used by the Corporate Debtor for gymnasium services. The Operational Creditor claimed an operational debt of Rs. 2,28,04,550/- against the Corporate Debtor, comprising license fees, CAM charges, HVAC running costs, water charges, and interest on delayed payments. The Operational Creditor issued invoices between 2018 and 2019. The Corporate Debtor failed to make payments. The Operational Creditor issued a demand notice on 2019-12-21. The Corporate Debtor denied the debt, citing operational losses due to unavailability of electricity, waterlogging, and incomplete construction. The Corporate Debtor also
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Hotel Horizon Pvt. Ltd. filed a Company Petition on 2020-05-15 seeking to initiate Corporate Insolvency Resolution Process (CIRP) against I Think Fitness Pvt. Ltd. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for an operational debt of Rs. 2,28,04,550/-, which included license fees, CAM charges, HVAC running costs, water charges, and interest on delayed payments. The Corporate Debtor disputed the total outstanding amount and claimed a pre-existing dispute.
Hotel Horizon Pvt. Ltd. (Operational Creditor) and I Think Fitness Pvt. Ltd. (Corporate Debtor) entered into a leave and license agreement on 2017-12-19 for a property used by the Corporate Debtor for gymnasium services. The Operational Creditor claimed an operational debt of Rs. 2,28,04,550/- against the Corporate Debtor, comprising license fees, CAM charges, HVAC running costs, water charges, and interest on delayed payments. The Operational Creditor issued invoices between 2018 and 2019. The Corporate Debtor failed to make payments. The Operational Creditor issued a demand notice on 2019-12-21. The Corporate Debtor denied the debt, citing operational losses due to unavailability of electricity, waterlogging, and incomplete construction. The Corporate Debtor also
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