SKB Infracon Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Innovative Aviation Private Limited for an alleged default of Rs. 3,81,53,613/-. The dispute arose from a lease agreement where Innovative Aviation leased an aircraft from SKB Infracon. SKB Infracon claimed that Innovative Aviation defaulted on lease payments. Innovative Aviation disputed the claim, arguing that the amounts claimed under the agreements were disputed, not executed, and the rate of lease rental was never agreed upon. The Corporate Debtor also argued that the amounts claimed under the first agreement dated 11.11.2014 are disputed since the same have been paid and the
…In 2014, Innovative Aviation Private Limited (Corporate Debtor) approached SKB Infracon Private Limited (Operational Creditor) for leasing an aircraft. A Memorandum of Understanding cum Lease Agreement was executed 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 Rs. 49,76,640/- and no Service Tax for Rs. 7,58,000/-, with Rs. 17,81,360/- remaining 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 at
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Memorandum of Understanding cum Lease Agreement…
Lease agreement…
SKB Infracon Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Innovative Aviation Private Limited for an alleged default of Rs. 3,81,53,613/-. The dispute arose from a lease agreement where Innovative Aviation leased an aircraft from SKB Infracon. SKB Infracon claimed that Innovative Aviation defaulted on lease payments. Innovative Aviation disputed the claim, arguing that the amounts claimed under the agreements were disputed, not executed, and the rate of lease rental was never agreed upon. The Corporate Debtor also argued that the amounts claimed under the first agreement dated 11.11.2014 are disputed since the same have been paid and the
…In 2014, Innovative Aviation Private Limited (Corporate Debtor) approached SKB Infracon Private Limited (Operational Creditor) for leasing an aircraft. A Memorandum of Understanding cum Lease Agreement was executed 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 Rs. 49,76,640/- and no Service Tax for Rs. 7,58,000/-, with Rs. 17,81,360/- remaining 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 at
…Memorandum of Understanding cum Lease Agreement…
Lease agreement…