The appeal challenges the order dated 08.12.2022, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by PPG Asian Paints Pvt. Ltd. (Financial Creditor) against Sidhi Vinayak Vehicles Pvt. Ltd. (Corporate Debtor) for a resolution of Rs. 42,35,000/-. Rajan Sharma was appointed as the IRP.
PPG Asian Paints Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Sidhi Vinayak Vehicles Pvt. Ltd. (Corporate Debtor).
The application was for a resolution of an amount of Rs. 42,35,000/-.
The Tribunal admitted the application and appointed Rajan Sharma as the IRP.
The Suspended Director of the Corporate Debtor challenged the impugned order.
The Corporate Debtor entered into a Bodyshop Agreement with the Financial Creditor on 21.03.2018.
The Financial Creditor contributed Rs. 35,00,000/- as an upfront contribution for the purchase of paint equipment and promotional activities.
The Corporate Debtor agreed to procure material worth Rs. 1 Cr. during the four-year tenure of the agreement.
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Order dated 08.12.2022 by which an application…
At the time of issuance of notice on…
The appeal challenges the order dated 08.12.2022, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by PPG Asian Paints Pvt. Ltd. (Financial Creditor) against Sidhi Vinayak Vehicles Pvt. Ltd. (Corporate Debtor) for a resolution of Rs. 42,35,000/-. Rajan Sharma was appointed as the IRP.
PPG Asian Paints Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Sidhi Vinayak Vehicles Pvt. Ltd. (Corporate Debtor).
The application was for a resolution of an amount of Rs. 42,35,000/-.
The Tribunal admitted the application and appointed Rajan Sharma as the IRP.
The Suspended Director of the Corporate Debtor challenged the impugned order.
The Corporate Debtor entered into a Bodyshop Agreement with the Financial Creditor on 21.03.2018.
The Financial Creditor contributed Rs. 35,00,000/- as an upfront contribution for the purchase of paint equipment and promotional activities.
The Corporate Debtor agreed to procure material worth Rs. 1 Cr. during the four-year tenure of the agreement.
…Order dated 08.12.2022 by which an application…
At the time of issuance of notice on…