The case involves an application filed by Lease Plan India Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Shiva Industrial Security Agency (Gujarat) Limited (Corporate Debtor) for default in payment of Rs. 6,26,67,605/-. The Operational Creditor and Corporate Debtor had entered into a Master Lease Agreement for leasing of vehicles. The Corporate Debtor defaulted on payments from January 2018 onwards. A settlement agreement was reached on 24.05.2019, reducing the settlement amount. The Corporate Debtor issued two post-dated cheques, which were dishonored. The Operational Creditor issued a demand notice on 06.08.2020 under Section 8 of the
…Lease Plan India Private Limited (Operational Creditor) filed an application 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). The claim was for Rs. 6,26,67,605/- due to default in payment. The Operational Creditor and Corporate Debtor entered into a Master Lease Agreement (No. ND 11980 dated 11.01.2016) for leasing 120 vehicles from 2016 onwards. The Corporate Debtor defaulted on payments from January 2018. A settlement agreement was executed on 24.05.2019, reducing the settlement amount. The Corporate Debtor issued two post-dated cheques (No. 406015 dated 24.08.2019 and No. 406017 dated 24.11.2019), which were dishonored
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Corporate Debtor and Operational Creditor…
Corporate Debtor started…
The case involves an application filed by Lease Plan India Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Shiva Industrial Security Agency (Gujarat) Limited (Corporate Debtor) for default in payment of Rs. 6,26,67,605/-. The Operational Creditor and Corporate Debtor had entered into a Master Lease Agreement for leasing of vehicles. The Corporate Debtor defaulted on payments from January 2018 onwards. A settlement agreement was reached on 24.05.2019, reducing the settlement amount. The Corporate Debtor issued two post-dated cheques, which were dishonored. The Operational Creditor issued a demand notice on 06.08.2020 under Section 8 of the
…Lease Plan India Private Limited (Operational Creditor) filed an application 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). The claim was for Rs. 6,26,67,605/- due to default in payment. The Operational Creditor and Corporate Debtor entered into a Master Lease Agreement (No. ND 11980 dated 11.01.2016) for leasing 120 vehicles from 2016 onwards. The Corporate Debtor defaulted on payments from January 2018. A settlement agreement was executed on 24.05.2019, reducing the settlement amount. The Corporate Debtor issued two post-dated cheques (No. 406015 dated 24.08.2019 and No. 406017 dated 24.11.2019), which were dishonored
…Corporate Debtor and Operational Creditor…
Corporate Debtor started…