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 non-payment of lease amounts and other defaults. The Corporate Debtor disputed the claim, asserting that the amounts claimed were disputed, agreements were not executed, and rates were not agreed upon.
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 executed on 2014-11-11 for a two-year period from 2014-11-15 to 2016-11-14. The Corporate Debtor provided a 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/- but no service tax for Rs. 7,58,000/- was paid. An amount of Rs. 17,81,360/- was 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. The Operational
…Sign in to view the parties.
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 non-payment of lease amounts and other defaults. The Corporate Debtor disputed the claim, asserting that the amounts claimed were disputed, agreements were not executed, and rates were not agreed upon.
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 executed on 2014-11-11 for a two-year period from 2014-11-15 to 2016-11-14. The Corporate Debtor provided a 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/- but no service tax for Rs. 7,58,000/- was paid. An amount of Rs. 17,81,360/- was 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. The Operational
…Memorandum of Understanding cum Lease…
Lease agreement…