The case involves a joint application filed by two Financial Creditors, M/s. Global Enterprise and M/s. S C Shah Corporation, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Suvarnabhoomi Infra Developers Private Limited.
The 1st Financial Creditor, M/s. Global Enterprise, is a registered partnership firm incorporated on 05.06.2014.
The 2nd Financial Creditor, M/s. S C Shah Corporation, is a partnership firm.
The Financial Creditors jointly sanctioned a short-term loan of Rs.2,45,40,000/- to the Corporate Debtor on 01.04.2023.
The Corporate Debtor executed separate Promissory Notes dated 01.04.2023 in favor of the respective Financial Creditors.
The Corporate Debtor repaid a sum of Rs.72,26,000/- to the 1st Financial Creditor and Rs.24,54,000/- to the 2nd Financial Creditor.
The Corporate Debtor issued a cheque dated 02.06.2023 for Rs.12,27,000/- in favor of the 2nd Financial Creditor, which was dishonored.
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The instant Joint…
Order delive…
The case involves a joint application filed by two Financial Creditors, M/s. Global Enterprise and M/s. S C Shah Corporation, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Suvarnabhoomi Infra Developers Private Limited.
The 1st Financial Creditor, M/s. Global Enterprise, is a registered partnership firm incorporated on 05.06.2014.
The 2nd Financial Creditor, M/s. S C Shah Corporation, is a partnership firm.
The Financial Creditors jointly sanctioned a short-term loan of Rs.2,45,40,000/- to the Corporate Debtor on 01.04.2023.
The Corporate Debtor executed separate Promissory Notes dated 01.04.2023 in favor of the respective Financial Creditors.
The Corporate Debtor repaid a sum of Rs.72,26,000/- to the 1st Financial Creditor and Rs.24,54,000/- to the 2nd Financial Creditor.
The Corporate Debtor issued a cheque dated 02.06.2023 for Rs.12,27,000/- in favor of the 2nd Financial Creditor, which was dishonored.
…The instant Joint…
Order delive…