The case involves an appeal against the order dated 3rd May, 2019, passed by the Adjudicating Authority, National Company Law Tribunal, Jaipur Bench, Jaipur, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant, a shareholder of the Corporate Debtor, filed the appeal. The first respondent, the Financial Creditor, had filed the application under Section 7 of IBC before the Adjudicating Authority, Jaipur Bench, Jaipur, for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s Raj Buildhome Private Limited, alleging default on a loan of Rs. 41,90,000/-.
The first respondent, Khozim Yusuf Nagarwala, filed an application under Section 7 of the IBC before the Adjudicating Authority, Jaipur Bench, for initiating CIRP against the Corporate Debtor, M/s Raj Buildhome Private Limited, due to a default on a loan of Rs. 41,90,000/-. The loan was granted by the Financial Creditor during the financial year 2013-14 and reflected as Long Term Borrowing in the Corporate Debtor's balance sheet for the financial years ending 31.03.2014 and 31.03.2015. The Corporate Debtor issued a written undertaking dated 09.02.2016, admitting the debt. A cheque for Rs. 1,58,27,634/- issued by the Corporate Debtor was dishonored, leading to a notice under Section 138 of the Negotiable Instruments Act, 1881. The Corporate Debtor claimed the Financial
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The 1st Respondent (Financial Creditor) granted…
The Financial Creditor…
The case involves an appeal against the order dated 3rd May, 2019, passed by the Adjudicating Authority, National Company Law Tribunal, Jaipur Bench, Jaipur, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant, a shareholder of the Corporate Debtor, filed the appeal. The first respondent, the Financial Creditor, had filed the application under Section 7 of IBC before the Adjudicating Authority, Jaipur Bench, Jaipur, for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s Raj Buildhome Private Limited, alleging default on a loan of Rs. 41,90,000/-.
The first respondent, Khozim Yusuf Nagarwala, filed an application under Section 7 of the IBC before the Adjudicating Authority, Jaipur Bench, for initiating CIRP against the Corporate Debtor, M/s Raj Buildhome Private Limited, due to a default on a loan of Rs. 41,90,000/-. The loan was granted by the Financial Creditor during the financial year 2013-14 and reflected as Long Term Borrowing in the Corporate Debtor's balance sheet for the financial years ending 31.03.2014 and 31.03.2015. The Corporate Debtor issued a written undertaking dated 09.02.2016, admitting the debt. A cheque for Rs. 1,58,27,634/- issued by the Corporate Debtor was dishonored, leading to a notice under Section 138 of the Negotiable Instruments Act, 1881. The Corporate Debtor claimed the Financial
…The 1st Respondent (Financial Creditor) granted…
The Financial Creditor…