The case involves an application filed by Lease Plan India Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shiva Industrial Security Agency (Gujarat) Limited (Corporate Debtor) for defaulting on a payment of Rs. 6,26,67,605/-. The Operational Creditor and Corporate Debtor had a transactional arrangement for leasing vehicles, but the Corporate Debtor started defaulting on payments from January 2018. A settlement agreement was made on 24.05.2019, reducing the settlement amount, and the Operational Creditor agreed to sell the leased vehicles to the Corporate Debtor. The Corporate Debtor issued two post-dated cheques, which were dishonored. The Operational
…Lease Plan India Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shiva Industrial Security Agency (Gujarat) Limited (Corporate Debtor) for defaulting on a payment of Rs. 6,26,67,605/-. The Operational Creditor and Corporate Debtor had a transactional arrangement for leasing vehicles under a Master Lease Agreement dated 11.01.2016. 120 vehicles were leased to the Corporate Debtor from 2016 onwards. The Corporate Debtor started defaulting on payments from January 2018. A settlement agreement was made on 24.05.2019, reducing the settlement amount to Rs. 4,49,00,000/-, and the Operational Creditor agreed to sell the leased vehicles to the
…Sign in to view the parties.
Corporate Debtor and Operational Creditor…
Corporate Debtor started defaulting in making…
The case involves an application filed by Lease Plan India Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shiva Industrial Security Agency (Gujarat) Limited (Corporate Debtor) for defaulting on a payment of Rs. 6,26,67,605/-. The Operational Creditor and Corporate Debtor had a transactional arrangement for leasing vehicles, but the Corporate Debtor started defaulting on payments from January 2018. A settlement agreement was made on 24.05.2019, reducing the settlement amount, and the Operational Creditor agreed to sell the leased vehicles to the Corporate Debtor. The Corporate Debtor issued two post-dated cheques, which were dishonored. The Operational
…Lease Plan India Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shiva Industrial Security Agency (Gujarat) Limited (Corporate Debtor) for defaulting on a payment of Rs. 6,26,67,605/-. The Operational Creditor and Corporate Debtor had a transactional arrangement for leasing vehicles under a Master Lease Agreement dated 11.01.2016. 120 vehicles were leased to the Corporate Debtor from 2016 onwards. The Corporate Debtor started defaulting on payments from January 2018. A settlement agreement was made on 24.05.2019, reducing the settlement amount to Rs. 4,49,00,000/-, and the Operational Creditor agreed to sell the leased vehicles to the
…Corporate Debtor and Operational Creditor…
Corporate Debtor started defaulting in making…