The appeal was filed by the ex-Director of the Corporate Debtor against an order of the Adjudicating Authority (NCLT, Mumbai Bench-I) which admitted a Section 7 application filed by the Financial Creditor, Gajendra Investment Ltd., for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Rushabh Civil Contractors Pvt. Ltd., due to non-payment of debt.
Gajendra Investment Ltd. (GIL), the Financial Creditor, filed a Section 7 application under the Insolvency and Bankruptcy Code 2016 (IBC) against Rushabh Civil Contractors Pvt. Ltd. (Rushabh), the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on the Corporate Debtor's failure to repay an amount of Rs 3.77 Cr. disbursed on September 14, 2016, and subsequent outstanding sums. The Adjudicating Authority (NCLT, Mumbai Bench-I) admitted the Section 7 application on June 27, 2022, finding a default of Rs 1.51 Cr. as of June 19, 2019. The ex-Director of the Corporate Debtor, Rahul H. Mehta, appealed this order, arguing that no financial contract existed, the debt amount was disputed due to varying interest
…Sign in to view the parties.
Gajendra Investment Ltd.…
Financial Creditor sent a communication to the…
The appeal was filed by the ex-Director of the Corporate Debtor against an order of the Adjudicating Authority (NCLT, Mumbai Bench-I) which admitted a Section 7 application filed by the Financial Creditor, Gajendra Investment Ltd., for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Rushabh Civil Contractors Pvt. Ltd., due to non-payment of debt.
Gajendra Investment Ltd. (GIL), the Financial Creditor, filed a Section 7 application under the Insolvency and Bankruptcy Code 2016 (IBC) against Rushabh Civil Contractors Pvt. Ltd. (Rushabh), the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on the Corporate Debtor's failure to repay an amount of Rs 3.77 Cr. disbursed on September 14, 2016, and subsequent outstanding sums. The Adjudicating Authority (NCLT, Mumbai Bench-I) admitted the Section 7 application on June 27, 2022, finding a default of Rs 1.51 Cr. as of June 19, 2019. The ex-Director of the Corporate Debtor, Rahul H. Mehta, appealed this order, arguing that no financial contract existed, the debt amount was disputed due to varying interest
…Gajendra Investment Ltd.…
Financial Creditor sent a communication to the…