The application was filed by SKB Infracon Private Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Innovative Aviation Private Limited, the Corporate Debtor, for an alleged default of Rs. 3,81,53,613/-. The dispute arose from a lease agreement where the Corporate Debtor leased aircraft from the Operational Creditor. The Operational Creditor claimed that the Corporate Debtor defaulted on lease payments. The Corporate Debtor disputed the claim, asserting that the agreements were not executed, the lease rental rate was not agreed upon, and the amounts claimed were time-barred.
In 2014, Innovative Aviation Private Limited (Corporate Debtor) approached SKB Infracon Private Limited (Operational Creditor) for leasing aircraft. A Memorandum of Understanding cum Lease Agreement was entered on 2014-11-11 for a two-year period from 2014-11-15 to 2016-11-14. The Corporate Debtor provided an interest-free security deposit of Rs. 21,00,000/-. The Corporate Debtor was to pay Rs. 5,00,000/- per month from November 2014 to 2015-11-14, and Rs. 12,00,000/- per month from 2015-11-15 to 2016-11-14. The Operational Creditor received only Rs. 49,76,640/- and no Service Tax for Rs. 7,58,000/- was paid, leaving Rs. 17,81,360/- due. The Corporate Debtor was to pay an annual rent of Rs. 1,44,00,000/- excluding GST & TDS from 2015-11-15 to 2016-11-14, calculated
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Memorandum of Understanding cum Lease…
Lease agreement…
The application was filed by SKB Infracon Private Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Innovative Aviation Private Limited, the Corporate Debtor, for an alleged default of Rs. 3,81,53,613/-. The dispute arose from a lease agreement where the Corporate Debtor leased aircraft from the Operational Creditor. The Operational Creditor claimed that the Corporate Debtor defaulted on lease payments. The Corporate Debtor disputed the claim, asserting that the agreements were not executed, the lease rental rate was not agreed upon, and the amounts claimed were time-barred.
In 2014, Innovative Aviation Private Limited (Corporate Debtor) approached SKB Infracon Private Limited (Operational Creditor) for leasing aircraft. A Memorandum of Understanding cum Lease Agreement was entered on 2014-11-11 for a two-year period from 2014-11-15 to 2016-11-14. The Corporate Debtor provided an interest-free security deposit of Rs. 21,00,000/-. The Corporate Debtor was to pay Rs. 5,00,000/- per month from November 2014 to 2015-11-14, and Rs. 12,00,000/- per month from 2015-11-15 to 2016-11-14. The Operational Creditor received only Rs. 49,76,640/- and no Service Tax for Rs. 7,58,000/- was paid, leaving Rs. 17,81,360/- due. The Corporate Debtor was to pay an annual rent of Rs. 1,44,00,000/- excluding GST & TDS from 2015-11-15 to 2016-11-14, calculated
…Memorandum of Understanding cum Lease…
Lease agreement…