M/s. Easy Trip Planners Private Limited filed a petition against M/s. Air Costa Aviation Private Limited, alleging a default in repaying a sum of Rs. 3,05,74,995/-, which includes a principal loan amount of Rs. 2,52,68,591/- and interest of Rs. 53,06,404/-. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP), a moratorium, and the appointment of an Interim Resolution Professional (IRP). The Operational Creditor and Corporate Debtor presented their arguments and evidence.
Easy Trip Planners Private Limited (Operational Creditor) filed a petition against Air Costa Aviation Private Limited (Corporate Debtor) under Section 9 of the IBC, 2016, claiming a default of Rs. 3,05,74,995/-. The Operational Creditor alleged that Air Costa defaulted on payments related to an API agreement for providing travel flight services. The Corporate Debtor argued that the API agreement was with LEPL Projects Limited, not Air Costa Aviation, and that the demand notice was not properly served. The Operational Creditor contended that Air Costa and LEPL Projects Limited are effectively the same entity. A settlement deed was executed during the pendency of the petition, with a partial payment made. The Corporate Debtor's registered office is in Hyderabad,
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The Corporate Debtor allegedly entered into…
The Operational…
M/s. Easy Trip Planners Private Limited filed a petition against M/s. Air Costa Aviation Private Limited, alleging a default in repaying a sum of Rs. 3,05,74,995/-, which includes a principal loan amount of Rs. 2,52,68,591/- and interest of Rs. 53,06,404/-. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP), a moratorium, and the appointment of an Interim Resolution Professional (IRP). The Operational Creditor and Corporate Debtor presented their arguments and evidence.
Easy Trip Planners Private Limited (Operational Creditor) filed a petition against Air Costa Aviation Private Limited (Corporate Debtor) under Section 9 of the IBC, 2016, claiming a default of Rs. 3,05,74,995/-. The Operational Creditor alleged that Air Costa defaulted on payments related to an API agreement for providing travel flight services. The Corporate Debtor argued that the API agreement was with LEPL Projects Limited, not Air Costa Aviation, and that the demand notice was not properly served. The Operational Creditor contended that Air Costa and LEPL Projects Limited are effectively the same entity. A settlement deed was executed during the pendency of the petition, with a partial payment made. The Corporate Debtor's registered office is in Hyderabad,
…The Corporate Debtor allegedly entered into…
The Operational…