M/s. Shree Sai Decorators, the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Shaila Hospitality Private Limited, the Corporate Debtor (CD), for initiating Corporate Insolvency Resolution Process (CIRP). The OC claimed that the CD defaulted on a payment of Rs. 1,00,00,000/- (One Crore Rupees) as of 30.08.2021. The OC and CD had entered into a Conducting Agreement dated 18.08.2017, where the OC was required to keep an interest-free security deposit of Rs. 1,10,00,000/- with the CD. The OC made payments totaling one crore rupees. The OC vacated the premises on 30.08.2021, and the CD was required to refund the security deposit but failed to do so.
M/s. Shree Sai Decorators (Operational Creditor - OC) and Shaila Hospitality Private Limited (Corporate Debtor - CD) entered into a Conducting Agreement on 18.08.2017. As per the agreement, the OC was required to deposit Rs. 1,10,00,000/- as an interest-free security deposit with the CD. The OC made payments totaling Rs. 1,00,00,000/- to the CD between 17.07.2017 and 16.08.2017. The OC claims the balance of Rs. 10,00,000/- was not paid. The OC vacated the premises on 30.08.2021 and handed over possession to the CD. The CD was required to refund the security deposit upon vacating the premises. The CD failed to refund the security deposit. The OC issued a demand notice dated 28.01.2023, which was received by the CD on 02.02.2023. The CD did not reply to the demand notice
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OC and CD entered into…
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M/s. Shree Sai Decorators, the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Shaila Hospitality Private Limited, the Corporate Debtor (CD), for initiating Corporate Insolvency Resolution Process (CIRP). The OC claimed that the CD defaulted on a payment of Rs. 1,00,00,000/- (One Crore Rupees) as of 30.08.2021. The OC and CD had entered into a Conducting Agreement dated 18.08.2017, where the OC was required to keep an interest-free security deposit of Rs. 1,10,00,000/- with the CD. The OC made payments totaling one crore rupees. The OC vacated the premises on 30.08.2021, and the CD was required to refund the security deposit but failed to do so.
M/s. Shree Sai Decorators (Operational Creditor - OC) and Shaila Hospitality Private Limited (Corporate Debtor - CD) entered into a Conducting Agreement on 18.08.2017. As per the agreement, the OC was required to deposit Rs. 1,10,00,000/- as an interest-free security deposit with the CD. The OC made payments totaling Rs. 1,00,00,000/- to the CD between 17.07.2017 and 16.08.2017. The OC claims the balance of Rs. 10,00,000/- was not paid. The OC vacated the premises on 30.08.2021 and handed over possession to the CD. The CD was required to refund the security deposit upon vacating the premises. The CD failed to refund the security deposit. The OC issued a demand notice dated 28.01.2023, which was received by the CD on 02.02.2023. The CD did not reply to the demand notice
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OC made the first…