This appeal challenges an order dated 2019-11-13, which allowed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against 'Mothers' Pride Dairy India Pvt. Ltd.' Respondent No. 1, a Promoter Director and Shareholder, claimed to have infused Rs. 19,17,48,515 into the company and was issued 1,29,42,999 equity shares. Respondent No. 1 ceased to be a director on 2017-04-01 and transferred their shareholding to Respondent No. 3. It was alleged that Respondent No. 1 agreed to advance a loan of Rs. 2 Crores to the Corporate Debtor, formalized in an agreement dated 2017-07-10, to be repaid
…Respondent No. 1, Sushil Kumar Singh, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against 'Mothers' Pride Dairy India Pvt. Ltd.' (Corporate Debtor), seeking to initiate CIRP. Respondent No. 1 claimed to have infused Rs. 19,17,48,515 into the company and was issued 1,29,42,999 equity shares. Respondent No. 1 ceased to be a director of the Corporate Debtor on 2017-04-01 and transferred their shareholding to Respondent No. 3. Respondent No. 1 allegedly agreed to advance a loan of Rs. 2 Crores to the Corporate Debtor, formalized in an agreement dated 2017-07-10, to be repaid in four equal installments without interest. The Section 7 application was filed alleging Respondent No. 2 failed to pay installments due on 2019-01-10 and
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Respondent No. 1 ceased to be a director of…
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This appeal challenges an order dated 2019-11-13, which allowed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against 'Mothers' Pride Dairy India Pvt. Ltd.' Respondent No. 1, a Promoter Director and Shareholder, claimed to have infused Rs. 19,17,48,515 into the company and was issued 1,29,42,999 equity shares. Respondent No. 1 ceased to be a director on 2017-04-01 and transferred their shareholding to Respondent No. 3. It was alleged that Respondent No. 1 agreed to advance a loan of Rs. 2 Crores to the Corporate Debtor, formalized in an agreement dated 2017-07-10, to be repaid
…Respondent No. 1, Sushil Kumar Singh, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against 'Mothers' Pride Dairy India Pvt. Ltd.' (Corporate Debtor), seeking to initiate CIRP. Respondent No. 1 claimed to have infused Rs. 19,17,48,515 into the company and was issued 1,29,42,999 equity shares. Respondent No. 1 ceased to be a director of the Corporate Debtor on 2017-04-01 and transferred their shareholding to Respondent No. 3. Respondent No. 1 allegedly agreed to advance a loan of Rs. 2 Crores to the Corporate Debtor, formalized in an agreement dated 2017-07-10, to be repaid in four equal installments without interest. The Section 7 application was filed alleging Respondent No. 2 failed to pay installments due on 2019-01-10 and
…Respondent No. 1 ceased to be a director of…
CIRP proceedings were…
Sign in to view related legal provisions.