The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, by the Appellant against the order dated 03.03.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-IV) in CP (IB) No. 908/MB-IV/2021. The Adjudicating Authority had dismissed the Section 7 application filed by the Appellant, Mrs. Sushma Paranjpe, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Rohan Developers Private Limited. The appellant claimed that the respondent defaulted in making interest payments since October 2017.
In 2008, Vijay N. Paranjpe, the deceased husband of the Appellant, paid Rs. 4 crore to Rohan Developers Private Ltd. (Respondent) as earnest money for booking a flat. Due to lack of progress, Vijay sought a refund in 2011, and the Respondent agreed to return the amount with 12% interest per annum. The sum was treated as an unsecured loan in the Respondent's books. The Respondent paid regular interest until FY 2015-16, ceasing on 31.03.2017 due to financial constraints, requesting a waiver of interest, which was declined. The Appellant contends that the Respondent defaulted on interest payments from October 2017. Vijay passed away on 21.10.2018, and the loan was transferred to the Appellant's name, confirmed in the FY 2019-20 accounts signed by the Respondent. On
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Vijay N. Paranjpe paid Rs. 4 crore to Rohan…
Vijay sought a refund…
The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, by the Appellant against the order dated 03.03.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-IV) in CP (IB) No. 908/MB-IV/2021. The Adjudicating Authority had dismissed the Section 7 application filed by the Appellant, Mrs. Sushma Paranjpe, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Rohan Developers Private Limited. The appellant claimed that the respondent defaulted in making interest payments since October 2017.
In 2008, Vijay N. Paranjpe, the deceased husband of the Appellant, paid Rs. 4 crore to Rohan Developers Private Ltd. (Respondent) as earnest money for booking a flat. Due to lack of progress, Vijay sought a refund in 2011, and the Respondent agreed to return the amount with 12% interest per annum. The sum was treated as an unsecured loan in the Respondent's books. The Respondent paid regular interest until FY 2015-16, ceasing on 31.03.2017 due to financial constraints, requesting a waiver of interest, which was declined. The Appellant contends that the Respondent defaulted on interest payments from October 2017. Vijay passed away on 21.10.2018, and the loan was transferred to the Appellant's name, confirmed in the FY 2019-20 accounts signed by the Respondent. On
…Vijay N. Paranjpe paid Rs. 4 crore to Rohan…
Vijay sought a refund…