Fortune Park Hotels Ltd filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Lavasa Hotels Limited for an operational debt of Rs. 2,13,13,394.66. Lavasa Hotels Limited is a wholly-owned subsidiary of Lavasa Corporation Limited (LCL). LCL was undergoing CIRP. Fortune Park Hotels Limited provided Technical Audit, Pre-opening, Operating and Marketing Services to Lavasa Hotels Limited. Lavasa Hotels Limited failed to pay the outstanding amount despite repeated requests and a demand notice.
Fortune Park Hotels Ltd (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Lavasa Hotels Limited (Corporate Debtor) due to an outstanding operational debt of Rs. 2,13,13,394.66. Fortune Park Hotels provided Technical Audit, Pre-opening, Operating and Marketing Services to Lavasa Hotels. Lavasa Hotels is a wholly-owned subsidiary of Lavasa Corporation Limited (LCL). LCL was already undergoing CIRP. A management agreement existed between LHL and LCL for the hotel's management. Lavasa Hotels failed to pay the outstanding amount despite repeated requests and a demand notice dated 29.08.2019. Lavasa Hotels did not file any reply disputing the debt and default. A representative of Lavasa Hotels
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LCL entered into a Technical Audit,…
Lavasa Hotels Ltd. was…
Fortune Park Hotels Ltd filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Lavasa Hotels Limited for an operational debt of Rs. 2,13,13,394.66. Lavasa Hotels Limited is a wholly-owned subsidiary of Lavasa Corporation Limited (LCL). LCL was undergoing CIRP. Fortune Park Hotels Limited provided Technical Audit, Pre-opening, Operating and Marketing Services to Lavasa Hotels Limited. Lavasa Hotels Limited failed to pay the outstanding amount despite repeated requests and a demand notice.
Fortune Park Hotels Ltd (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Lavasa Hotels Limited (Corporate Debtor) due to an outstanding operational debt of Rs. 2,13,13,394.66. Fortune Park Hotels provided Technical Audit, Pre-opening, Operating and Marketing Services to Lavasa Hotels. Lavasa Hotels is a wholly-owned subsidiary of Lavasa Corporation Limited (LCL). LCL was already undergoing CIRP. A management agreement existed between LHL and LCL for the hotel's management. Lavasa Hotels failed to pay the outstanding amount despite repeated requests and a demand notice dated 29.08.2019. Lavasa Hotels did not file any reply disputing the debt and default. A representative of Lavasa Hotels
…LCL entered into a Technical Audit,…
Lavasa Hotels Ltd. was…