The case involves an application filed by Anurag Chandra, the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Affinity Beauty Salon Pvt. Ltd., the corporate debtor. The applicant, on behalf of two partnership firms, had advanced funds to the corporate debtor for issuance of cumulative convertible redeemable preference shares. However, the corporate debtor failed to register these shares with the Registrar of Companies. Subsequently, a loan agreement was entered into between the applicant and the corporate debtor, but the corporate debtor defaulted on the repayment terms.
Anurag Chandra, acting as a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Affinity Beauty Salon Pvt. Ltd., the corporate debtor. Initially, the applicant, representing two partnership firms (ACPC Enterprises and ACDC Enterprises), advanced Rs. 2,50,00,000 and Rs. 5,00,00,000 respectively to the corporate debtor for cumulative convertible redeemable preference shares. These shares were never registered by the corporate debtor with the Registrar of Companies (ROC). Subsequently, a Loan Agreement was executed on 2018-03-30, where the corporate debtor owed Rs. 10,46,00,000 to the applicant as of 2018-03-31. The loan was to be repaid within 4 years with
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The case involves an application filed by Anurag Chandra, the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Affinity Beauty Salon Pvt. Ltd., the corporate debtor. The applicant, on behalf of two partnership firms, had advanced funds to the corporate debtor for issuance of cumulative convertible redeemable preference shares. However, the corporate debtor failed to register these shares with the Registrar of Companies. Subsequently, a loan agreement was entered into between the applicant and the corporate debtor, but the corporate debtor defaulted on the repayment terms.
Anurag Chandra, acting as a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Affinity Beauty Salon Pvt. Ltd., the corporate debtor. Initially, the applicant, representing two partnership firms (ACPC Enterprises and ACDC Enterprises), advanced Rs. 2,50,00,000 and Rs. 5,00,00,000 respectively to the corporate debtor for cumulative convertible redeemable preference shares. These shares were never registered by the corporate debtor with the Registrar of Companies (ROC). Subsequently, a Loan Agreement was executed on 2018-03-30, where the corporate debtor owed Rs. 10,46,00,000 to the applicant as of 2018-03-31. The loan was to be repaid within 4 years with
…The Insolven…
Share Subscription Agreements dated 2016-05-30…