This case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi, which admitted a petition under Section 7 of the Insolvency and Bankruptcy Code (I&B Code) for initiating the Corporate Insolvency Resolution Process (CIRP) against 'M/s Fantastic Buildcon Pvt. Ltd.' (Corporate Debtor). The appeal was filed by Rajesh Gupta, the ex-director of the Corporate Debtor. The respondents, Dinesh Chand Jain and Lata Jain, claimed to be financial creditors of the company. The dispute arose from an unsecured loan of Rs.18,67,11,000/- advanced by the respondents to the Corporate Debtor, which was later subject to a Share Purchase Agreement involving the transfer of shares to Shri Lalit Modi.
Respondents No. 1 and 2, Dinesh Chand Jain and Lata Jain, were erstwhile Directors of 'M/s Fantastic Buildcon Pvt. Ltd.' (Corporate Debtor) and held 75% of its shares. They advanced an unsecured loan of Rs. 18,67,11,000/- to the Corporate Debtor for a hotel project, with an interest rate of 18% p.a. Subsequently, Respondents No. 1 and 2 entered into a Share Purchase Agreement with Mr. Lalit Modi, a Director and Shareholder of the Corporate Debtor, for the sale of their shares. As part of the agreement, Mr. Lalit Modi and the Corporate Debtor jointly undertook to refund the unsecured loan by March 31, 2015. Respondents No. 1 and 2 transferred their 7500 shares to Mr. Lalit Modi and resigned from the Board of Directors. The Share Purchase Agreement did not explicitly
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Share Purchase Agreement executed between…
Deadline for Mr. Lalit Modi and the Corporate…
This case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi, which admitted a petition under Section 7 of the Insolvency and Bankruptcy Code (I&B Code) for initiating the Corporate Insolvency Resolution Process (CIRP) against 'M/s Fantastic Buildcon Pvt. Ltd.' (Corporate Debtor). The appeal was filed by Rajesh Gupta, the ex-director of the Corporate Debtor. The respondents, Dinesh Chand Jain and Lata Jain, claimed to be financial creditors of the company. The dispute arose from an unsecured loan of Rs.18,67,11,000/- advanced by the respondents to the Corporate Debtor, which was later subject to a Share Purchase Agreement involving the transfer of shares to Shri Lalit Modi.
Respondents No. 1 and 2, Dinesh Chand Jain and Lata Jain, were erstwhile Directors of 'M/s Fantastic Buildcon Pvt. Ltd.' (Corporate Debtor) and held 75% of its shares. They advanced an unsecured loan of Rs. 18,67,11,000/- to the Corporate Debtor for a hotel project, with an interest rate of 18% p.a. Subsequently, Respondents No. 1 and 2 entered into a Share Purchase Agreement with Mr. Lalit Modi, a Director and Shareholder of the Corporate Debtor, for the sale of their shares. As part of the agreement, Mr. Lalit Modi and the Corporate Debtor jointly undertook to refund the unsecured loan by March 31, 2015. Respondents No. 1 and 2 transferred their 7500 shares to Mr. Lalit Modi and resigned from the Board of Directors. The Share Purchase Agreement did not explicitly
…Share Purchase Agreement executed between…
Deadline for Mr. Lalit Modi and the Corporate…