CVR Holdings Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Intense Fitness and Spa Private Limited. CVR Holdings claimed that Intense Fitness defaulted on a financial facility availed through an Assignment Agreement dated 2020-02-10, repayable by 2020-12-31. Intense Fitness sought extensions due to the COVID-19 pandemic, but CVR Holdings demanded repayment. The application was filed due to the alleged default of Rs. 11,08,94,834/- as of 2022-03-01.
CVR Holdings Private Limited, the applicant, is a company registered under the Companies Act, 1956. Intense Fitness and Spa Private Limited, the respondent, is a company incorporated under the Companies Act, 2013. CVR Holdings claimed that Intense Fitness availed a financial facility through an Assignment Agreement dated 2020-02-10, with a repayment deadline of 2020-12-31. The agreement stipulated a 9% per annum interest rate effective from 2021-01-01 for any delays, with a final repayment deadline of 2021-06-30. Intense Fitness requested extensions for repayment due to the COVID-19 pandemic, which CVR Holdings initially granted with interest-free periods. However, CVR Holdings later demanded repayment. As of 2022-03-01, CVR Holdings claimed a default of Rs.
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Assignment Agreement…
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CVR Holdings Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Intense Fitness and Spa Private Limited. CVR Holdings claimed that Intense Fitness defaulted on a financial facility availed through an Assignment Agreement dated 2020-02-10, repayable by 2020-12-31. Intense Fitness sought extensions due to the COVID-19 pandemic, but CVR Holdings demanded repayment. The application was filed due to the alleged default of Rs. 11,08,94,834/- as of 2022-03-01.
CVR Holdings Private Limited, the applicant, is a company registered under the Companies Act, 1956. Intense Fitness and Spa Private Limited, the respondent, is a company incorporated under the Companies Act, 2013. CVR Holdings claimed that Intense Fitness availed a financial facility through an Assignment Agreement dated 2020-02-10, with a repayment deadline of 2020-12-31. The agreement stipulated a 9% per annum interest rate effective from 2021-01-01 for any delays, with a final repayment deadline of 2021-06-30. Intense Fitness requested extensions for repayment due to the COVID-19 pandemic, which CVR Holdings initially granted with interest-free periods. However, CVR Holdings later demanded repayment. As of 2022-03-01, CVR Holdings claimed a default of Rs.
…Assignment Agreement…
Original deadl…