Square Four Housing & Infrastructure Development Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Phonex Logistics Private Limited, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments related to a Memorandum of Understanding (MoU) where the Corporate Debtor was allowed to use the Operational Creditor's leasehold land for storage facilities. The MoU stipulated monthly charges payable by the Corporate Debtor, along with a security deposit. Disputes arose regarding increased rent, property tax contributions, and the Corporate Debtor's alleged failure to pay
…Square Four Housing & Infrastructure Development Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Phonex Logistics Private Limited (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into a Memorandum of Understanding (MoU) on August 23, 2017, where the Corporate Debtor was allowed to use the Operational Creditor's leasehold land for storage facilities. The land consisted of Plot No. A-23 and Plot No. A-24. The MoU stipulated that the Corporate Debtor would pay monthly charges to the Operational Creditor at Rs. 8.10 per square feet per month, along with GST. The tenure of the MoU was for 5 years, commencing from August 23, 2017, and ending on August 22, 2022. The
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Memorandum of Understanding (MoU) executed…
The Corporate Debtor allegedly defaulted on…
Square Four Housing & Infrastructure Development Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Phonex Logistics Private Limited, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments related to a Memorandum of Understanding (MoU) where the Corporate Debtor was allowed to use the Operational Creditor's leasehold land for storage facilities. The MoU stipulated monthly charges payable by the Corporate Debtor, along with a security deposit. Disputes arose regarding increased rent, property tax contributions, and the Corporate Debtor's alleged failure to pay
…Square Four Housing & Infrastructure Development Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Phonex Logistics Private Limited (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into a Memorandum of Understanding (MoU) on August 23, 2017, where the Corporate Debtor was allowed to use the Operational Creditor's leasehold land for storage facilities. The land consisted of Plot No. A-23 and Plot No. A-24. The MoU stipulated that the Corporate Debtor would pay monthly charges to the Operational Creditor at Rs. 8.10 per square feet per month, along with GST. The tenure of the MoU was for 5 years, commencing from August 23, 2017, and ending on August 22, 2022. The
…Memorandum of Understanding (MoU) executed…
The Corporate Debtor allegedly defaulted on…