Arshiya Northern Ftwz Limited (Operational Creditor), currently undergoing Corporate Insolvency Resolution Process (CIRP), filed an application under Section 9 of the IBC, 2016, to initiate CIRP against Arshiya 3pl Services Private Limited (Corporate Debtor) for an outstanding operational debt of Rs. 5,08,31,802/-. The debt arose from warehousing and logistics services provided under a Unit Holder Agreement. The Corporate Debtor raised preliminary objections, arguing the claim was for rentals (not operational debt) and that a pre-existing dispute existed, including claims of duress in signing a Memorandum of Understanding (MoU) and arbitrary obstruction of services by the Operational Creditor's Resolution Professional.
Arshiya Northern Ftwz Limited (Operational Creditor/Applicant) filed an application under Section 9 of the IBC, 2016, against Arshiya 3pl Services Private Limited (Corporate Debtor).
The application seeks to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.
The total amount claimed to be in default by the Operational Creditor is Rs. 5,08,31,802/-.
The date of default is mentioned as 11.11.2024.
The Operational Creditor and Corporate Debtor entered into a Unit Holder Agreement dated 06.05.2019 for warehousing space and logistics services.
The agreement was renewed and extended by an Addendum Letter dated 01.04.2023, extending the term up to 31.03.2024.
The Corporate Debtor continued to avail services after the extended term expired.
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Operational Creditor and Corporate Debtor…
Arshiya Northern Ftwz Limited (Operational…
Arshiya Northern Ftwz Limited (Operational Creditor), currently undergoing Corporate Insolvency Resolution Process (CIRP), filed an application under Section 9 of the IBC, 2016, to initiate CIRP against Arshiya 3pl Services Private Limited (Corporate Debtor) for an outstanding operational debt of Rs. 5,08,31,802/-. The debt arose from warehousing and logistics services provided under a Unit Holder Agreement. The Corporate Debtor raised preliminary objections, arguing the claim was for rentals (not operational debt) and that a pre-existing dispute existed, including claims of duress in signing a Memorandum of Understanding (MoU) and arbitrary obstruction of services by the Operational Creditor's Resolution Professional.
Arshiya Northern Ftwz Limited (Operational Creditor/Applicant) filed an application under Section 9 of the IBC, 2016, against Arshiya 3pl Services Private Limited (Corporate Debtor).
The application seeks to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.
The total amount claimed to be in default by the Operational Creditor is Rs. 5,08,31,802/-.
The date of default is mentioned as 11.11.2024.
The Operational Creditor and Corporate Debtor entered into a Unit Holder Agreement dated 06.05.2019 for warehousing space and logistics services.
The agreement was renewed and extended by an Addendum Letter dated 01.04.2023, extending the term up to 31.03.2024.
The Corporate Debtor continued to avail services after the extended term expired.
…Operational Creditor and Corporate Debtor…
Arshiya Northern Ftwz Limited (Operational…