This appeal was filed under Section 61 of the Insolvency & Bankruptcy Code, 2016 by the Appellant, Hiren Meghji Bharani, who is the Suspended Director of the Corporate Debtor, against the impugned order dated 03.02.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) in Company Petition (IB) No. 1140/MB-IV/2020. The Adjudicating Authority ordered Corporate Insolvency Resolution Process (CIRP) under Section 7 against the Corporate Debtor, Shankheshwar Properties Pvt. Ltd., and appointed Mr. S. Gopala Krishnan as the Insolvency Resolution Professional. The Financial Creditor, Rupa Infotech & Infrastructure Pvt. Ltd., filed a Section 7 petition under IBC seeking CIRP against Shankeshwar Properties Pvt. Ltd., claiming that it had
…Hiren Meghji Bharani, the Suspended Director of the Corporate Debtor, Shankheshwar Properties Pvt. Ltd., filed an appeal against the order of the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) which initiated Corporate Insolvency Resolution Process (CIRP) against Shankheshwar Properties Pvt. Ltd. based on a petition filed by Rupa Infotech & Infrastructure Pvt. Ltd., the Financial Creditor. The Financial Creditor claimed to have provided an inter-corporate loan of Rs. 7 crores to the Corporate Debtor, documented in a 'confirmation and undertaking' with an interest rate of 12% per annum. The Corporate Debtor made interest payments until 31.03.2016, with the last payment of Rs. 1 crore made on 04.07.2017. The Financial Creditor filed a Section 7
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This appeal was filed under Section 61 of the Insolvency & Bankruptcy Code, 2016 by the Appellant, Hiren Meghji Bharani, who is the Suspended Director of the Corporate Debtor, against the impugned order dated 03.02.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) in Company Petition (IB) No. 1140/MB-IV/2020. The Adjudicating Authority ordered Corporate Insolvency Resolution Process (CIRP) under Section 7 against the Corporate Debtor, Shankheshwar Properties Pvt. Ltd., and appointed Mr. S. Gopala Krishnan as the Insolvency Resolution Professional. The Financial Creditor, Rupa Infotech & Infrastructure Pvt. Ltd., filed a Section 7 petition under IBC seeking CIRP against Shankeshwar Properties Pvt. Ltd., claiming that it had
…Hiren Meghji Bharani, the Suspended Director of the Corporate Debtor, Shankheshwar Properties Pvt. Ltd., filed an appeal against the order of the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) which initiated Corporate Insolvency Resolution Process (CIRP) against Shankheshwar Properties Pvt. Ltd. based on a petition filed by Rupa Infotech & Infrastructure Pvt. Ltd., the Financial Creditor. The Financial Creditor claimed to have provided an inter-corporate loan of Rs. 7 crores to the Corporate Debtor, documented in a 'confirmation and undertaking' with an interest rate of 12% per annum. The Corporate Debtor made interest payments until 31.03.2016, with the last payment of Rs. 1 crore made on 04.07.2017. The Financial Creditor filed a Section 7
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Corporate Debt…