The case involves an application filed by Anand Kumar Gupta, claiming to be a Financial Creditor, against Adelson Pharma Private Limited ('Respondent' / Corporate Debtor') under Section 7 of the Insolvency and Bankruptcy Code, 2016 ('Code'). The applicant seeks initiation of Corporate Insolvency Resolution Process ('CIRP') due to alleged default in repayment of a loan. The Respondent is a Private Limited Company incorporated on 06.08.2015. The Financial Creditor is claiming an amount of Rs. 27,30,136/-. The applicant advanced a sum of Rs. 25,00,000/- to the respondent based on an oral agreement in April 2016, with an interest rate of 12% per annum for two years. To comply with the Companies Act, a director of the Respondent Company transferred shares to the Applicant,
…Anand Kumar Gupta, claiming to be a Financial Creditor, filed an application against Adelson Pharma Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The Financial Creditor claimed a default of Rs. 27,30,136/-. In April 2016, the Applicant advanced Rs. 25,00,000/- to the Respondent based on an oral agreement with a 12% annual interest rate for two years. The loan was disbursed in two tranches: Rs. 12,50,000/- on 28.04.2016 and Rs. 12,50,000/- on 08.06.2016. The Respondent made interest payments of Rs. 3,00,000/- on 04.05.2017 and Rs. 2,70,000/- on 01.05.2018. The Applicant became a 12.5% shareholder in the Respondent Company. The Respondent served a Legal Notice on 23.01.2019 demanding
…Sign in to view the parties.
Adelson Pharma Private…
Applicant and Respondent entered into an oral…
The case involves an application filed by Anand Kumar Gupta, claiming to be a Financial Creditor, against Adelson Pharma Private Limited ('Respondent' / Corporate Debtor') under Section 7 of the Insolvency and Bankruptcy Code, 2016 ('Code'). The applicant seeks initiation of Corporate Insolvency Resolution Process ('CIRP') due to alleged default in repayment of a loan. The Respondent is a Private Limited Company incorporated on 06.08.2015. The Financial Creditor is claiming an amount of Rs. 27,30,136/-. The applicant advanced a sum of Rs. 25,00,000/- to the respondent based on an oral agreement in April 2016, with an interest rate of 12% per annum for two years. To comply with the Companies Act, a director of the Respondent Company transferred shares to the Applicant,
…Anand Kumar Gupta, claiming to be a Financial Creditor, filed an application against Adelson Pharma Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The Financial Creditor claimed a default of Rs. 27,30,136/-. In April 2016, the Applicant advanced Rs. 25,00,000/- to the Respondent based on an oral agreement with a 12% annual interest rate for two years. The loan was disbursed in two tranches: Rs. 12,50,000/- on 28.04.2016 and Rs. 12,50,000/- on 08.06.2016. The Respondent made interest payments of Rs. 3,00,000/- on 04.05.2017 and Rs. 2,70,000/- on 01.05.2018. The Applicant became a 12.5% shareholder in the Respondent Company. The Respondent served a Legal Notice on 23.01.2019 demanding
…Adelson Pharma Private…
Applicant and Respondent entered into an oral…