Sunbourne Developers Private Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Thyme & Reason Hospitality LLP, the Corporate Debtor, due to unpaid license fees and utility charges. The Operational Creditor and Corporate Debtor entered into a Leave and License Agreement on October 12, 2018, for a property known as 'Inspire BKC'. The agreement stipulated timely payments of licensee fees, failing which interest would be charged. The Corporate Debtor allegedly defaulted on payments, leading to the Operational Creditor issuing demand notices and ultimately terminating the agreement on February 28, 2020. The Corporate
…Sunbourne Developers Private Limited (Operational Creditor) and Thyme & Reason Hospitality LLP (Corporate Debtor) entered into a Leave and License Agreement on October 12, 2018, for a property in 'Inspire BKC'. The agreement was for 60 months, commencing September 15, 2018, and ending September 14, 2023. A three-month license fee-free fit-out period was granted from October 15, 2018, to January 14, 2019. The Corporate Debtor was not entitled to terminate the agreement during the 36-month lock-in period from January 15, 2019, to January 14, 2022. The agreement mandated timely payments of the licensee fee, with an 18% per annum interest on late payments. The Corporate Debtor was also obligated to pay Common Area Maintenance Charges and utility charges. The
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Sunbourne Developers Private Limited and Thyme…
Commencement of the…
Sunbourne Developers Private Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Thyme & Reason Hospitality LLP, the Corporate Debtor, due to unpaid license fees and utility charges. The Operational Creditor and Corporate Debtor entered into a Leave and License Agreement on October 12, 2018, for a property known as 'Inspire BKC'. The agreement stipulated timely payments of licensee fees, failing which interest would be charged. The Corporate Debtor allegedly defaulted on payments, leading to the Operational Creditor issuing demand notices and ultimately terminating the agreement on February 28, 2020. The Corporate
…Sunbourne Developers Private Limited (Operational Creditor) and Thyme & Reason Hospitality LLP (Corporate Debtor) entered into a Leave and License Agreement on October 12, 2018, for a property in 'Inspire BKC'. The agreement was for 60 months, commencing September 15, 2018, and ending September 14, 2023. A three-month license fee-free fit-out period was granted from October 15, 2018, to January 14, 2019. The Corporate Debtor was not entitled to terminate the agreement during the 36-month lock-in period from January 15, 2019, to January 14, 2022. The agreement mandated timely payments of the licensee fee, with an 18% per annum interest on late payments. The Corporate Debtor was also obligated to pay Common Area Maintenance Charges and utility charges. The
…Sunbourne Developers Private Limited and Thyme…
Commencement of the…