Rajesh Alfred filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Ketsaal Retail LLP, alleging default in repayment of a financial debt of Rs. 2,77,00,000/-. The Adjudicating Authority dismissed the petition.
Rajesh Alfred, proprietor of M/s Anand Enterprises, entered into a Reseller Agreement with Ketsaal Retail LLP on 07.12.2020, making a capital investment of Rs. 20,00,000/-.
The Reseller Agreement stipulated that Ketsaal Retail LLP would pay an assured return of 7% per month on the investment after an initial lock-in period.
A First Addendum Agreement was executed on 17.05.2021, increasing the investment to Rs. 50,00,000/- and the assured return to 9%.
A Second Addendum Agreement was executed on 07.10.2021, further increasing the investment to Rs. 1,00,00,000/- and the assured return to 12%.
Starting 01.12.2021, Ketsaal Retail LLP defaulted in making further payments of the assured return.
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Rajesh Alfred and…
First Addendum…
Rajesh Alfred filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Ketsaal Retail LLP, alleging default in repayment of a financial debt of Rs. 2,77,00,000/-. The Adjudicating Authority dismissed the petition.
Rajesh Alfred, proprietor of M/s Anand Enterprises, entered into a Reseller Agreement with Ketsaal Retail LLP on 07.12.2020, making a capital investment of Rs. 20,00,000/-.
The Reseller Agreement stipulated that Ketsaal Retail LLP would pay an assured return of 7% per month on the investment after an initial lock-in period.
A First Addendum Agreement was executed on 17.05.2021, increasing the investment to Rs. 50,00,000/- and the assured return to 9%.
A Second Addendum Agreement was executed on 07.10.2021, further increasing the investment to Rs. 1,00,00,000/- and the assured return to 12%.
Starting 01.12.2021, Ketsaal Retail LLP defaulted in making further payments of the assured return.
…Rajesh Alfred and…
First Addendum…