Notice regarding non payment of dues under Insolvency and bankruptcy code, 2016.
[Under rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016]
Gagan Space has sent notice to Bavaria motors for non payment of admitted dues
Demand Notice demanding payment in respect of admitted unpaid operational debt due from
Bavaria Motors Pvt Ltd under the Code.
Dimple Alnesh Somji has sent a notice to one of the known BMW dealers in the
country Bavaria motors pvt ltd. The notice is in view of demanding the payment of
the renovation work carried by Gagan space at Bavaria showrooms in Hadapsar,
Pune and Aurungabad. Bavaria motors in owned by Vishal Agarwal and Ghansyam.
Notice has been issued for an amount of Rs. 16,59,44,839/- (Rupees Sixteen Crore Fifty-Nine Lakhs Forty-Four Thousand
Eight Hundred and Thirty Nine Only) consisting of principal outstanding of Rs.
13,59,36,001/-(Rs Thirteen Crore Fifty-Nine Lakhs Thirty Six Thousand and One
Only) and Interest of Rs. 5,00,08,838/-
(Rupees Five Crore Eight Thousand Eight Hundred and Thirty-Eight Only).
The debt became due and payable on account of interior work, furniture work, electrical work and glass glazing work carried out by Gagan space for the BMW showroom, owned by Bavaria Motors Pvt Ltd at Hadapsar, Pune and at Aurangbad.
BMW Bavaria Motors is the sole dealer for BMW cars in Pune, Aurangabad and Goa. It has grown since 2007 and remains a symbol for dynamic and forward striving people. The dealership is led by Mr. Vishal Agarwal who is an extremely renowned name in the automobile industry. The complainant and the accused have been
partners in other firms, but there is a dispute on between the partners currently. Somji has accused Agarwals of siphoning money from the company for personal benifit.
Dimple Somji quote
“Gagan Lifespace has issued a demand notice to Bavaria Motors Pvt. Ltd. under the Insolvency and Bankruptcy Code 2016 inter alia calling upon them to make payment of outstanding principle amount Rs.13,59,36,001/- (Rupees Thirteen Crores Fifty Nine Lakhs Thirty Six Thousand and One Only) with interest due thereon in respect of interior and furniture work etc. done by Gagan Lifespace for the showrooms of Bavaria Motors Pvt Ltd. If the outstanding amounts are not paid within the prescribed period, we will take all necessary steps to recover the outstanding amounts including filing of a Petition before the National Company Law Tribunal”.