The case involves an application filed by the Resolution Professional (RP) of Kranthi Edifice Private Limited, a Corporate Debtor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking attachment of the bank accounts of the respondents, Sri Bhagawan Mahaveer Educational & Cultural Trust and Mr. Suresh Kumar Reddy, for non-payment of lease rentals.
The Corporate Debtor, Kranthi Edifice Private Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) on 27.06.2022.
Kalpana G is the Resolution Professional of Kranthi Edifice Private Limited.
Sri Bhagawan Mahaveer Educational & Cultural Trust (Respondent No. 1) operates a school named 'Jain Heritage - A Cambridge School' on the Corporate Debtor's property.
Respondent No. 1 had leased the property from the Corporate Debtor vide lease deed dated 04.11.2009 at a monthly rent of Rs. 4,00,000/-.
Respondent No. 1 claimed to have invested Rs. 10 crores in developing the property and that the Corporate Debtor agreed to deduct this investment from the payable rent.
…Sign in to view the parties.
Lease deed between Corporate Debtor and…
Corporate Debtor…
The case involves an application filed by the Resolution Professional (RP) of Kranthi Edifice Private Limited, a Corporate Debtor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking attachment of the bank accounts of the respondents, Sri Bhagawan Mahaveer Educational & Cultural Trust and Mr. Suresh Kumar Reddy, for non-payment of lease rentals.
The Corporate Debtor, Kranthi Edifice Private Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) on 27.06.2022.
Kalpana G is the Resolution Professional of Kranthi Edifice Private Limited.
Sri Bhagawan Mahaveer Educational & Cultural Trust (Respondent No. 1) operates a school named 'Jain Heritage - A Cambridge School' on the Corporate Debtor's property.
Respondent No. 1 had leased the property from the Corporate Debtor vide lease deed dated 04.11.2009 at a monthly rent of Rs. 4,00,000/-.
Respondent No. 1 claimed to have invested Rs. 10 crores in developing the property and that the Corporate Debtor agreed to deduct this investment from the payable rent.
…Lease deed between Corporate Debtor and…
Corporate Debtor…