Chandramouli Silk Mills, an operational creditor, filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Larsen & Toubro Limited, the corporate debtor, based on an alleged default of Rs. 1,44,01,609/-. The claim included unpaid rent, interest on delayed payments, and damages for property repair. The operational creditor leased a property to the corporate debtor for a labour colony related to an IKEA project. A leave and license agreement was in place, but disputes arose regarding outstanding dues and property damage upon vacation.
Chandramouli Silk Mills (Operational Creditor) filed a petition against Larsen & Toubro Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The claim amounted to Rs. 1,44,01,609/-, including unpaid rent, interest, and damages. The Operational Creditor leased property to the Corporate Debtor for a labour colony under a Leave and License Agreement from 01/01/2018 to 31/12/2020. The Corporate Debtor was to pay a security deposit of INR 1,40,00,000/- and monthly compensation. The Corporate Debtor sent an intimation letter on 16th December 2019, to vacate the premises by 29th February 2020. The Operational Creditor served a notice on 03rd March 2020, due to non-payment of dues. The Corporate Debtor paid
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Corporate Debtor sent an Intimation Letter…
Chandramouli Silk Mills, an operational creditor, filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Larsen & Toubro Limited, the corporate debtor, based on an alleged default of Rs. 1,44,01,609/-. The claim included unpaid rent, interest on delayed payments, and damages for property repair. The operational creditor leased a property to the corporate debtor for a labour colony related to an IKEA project. A leave and license agreement was in place, but disputes arose regarding outstanding dues and property damage upon vacation.
Chandramouli Silk Mills (Operational Creditor) filed a petition against Larsen & Toubro Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The claim amounted to Rs. 1,44,01,609/-, including unpaid rent, interest, and damages. The Operational Creditor leased property to the Corporate Debtor for a labour colony under a Leave and License Agreement from 01/01/2018 to 31/12/2020. The Corporate Debtor was to pay a security deposit of INR 1,40,00,000/- and monthly compensation. The Corporate Debtor sent an intimation letter on 16th December 2019, to vacate the premises by 29th February 2020. The Operational Creditor served a notice on 03rd March 2020, due to non-payment of dues. The Corporate Debtor paid
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Corporate Debtor sent an Intimation Letter…