A.K Corporation, a sole proprietorship, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Anupam Extractions Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The petition was filed on 18th July 2018, claiming a total default of ₹74,33,697.94 as of 31st March 2018. The petitioner, Ashok Kumar Basudeo Saraf, provided financial assistance to the Corporate Debtor in the form of a loan. The Corporate Debtor failed to repay the loan amount of ₹26,80,666/- along with interest. The Respondent argued that the petition was barred by limitation and that the amount claimed was in dispute due to mismanagement by the Petitioner when he was a Director of the Respondent Company.
A.K Corporation, a sole proprietorship owned by Ashok Kumar Basudeo Saraf, filed a petition against Anupam Extractions Limited, claiming a default of ₹74,33,697.94 as of March 31, 2018. This amount includes a principal loan of ₹26,80,666/- disbursed between May 24, 2006, and March 31, 2007, and accrued interest. Ashok Kumar Basudeo Saraf was previously a Director in Anupam Extractions Limited. The Respondent argued that the loan was reflected as 'Unsecured Loan from Director' or 'Loans from Shareholders' in the audited accounts. The Respondent also claimed that the petition was barred by limitation and that the default was disputed due to mismanagement by the Petitioner during his tenure as a Director. The Petitioner submitted letters seeking repayment of the loan and
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Petitioner di…
Petitioner di…
A.K Corporation, a sole proprietorship, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Anupam Extractions Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The petition was filed on 18th July 2018, claiming a total default of ₹74,33,697.94 as of 31st March 2018. The petitioner, Ashok Kumar Basudeo Saraf, provided financial assistance to the Corporate Debtor in the form of a loan. The Corporate Debtor failed to repay the loan amount of ₹26,80,666/- along with interest. The Respondent argued that the petition was barred by limitation and that the amount claimed was in dispute due to mismanagement by the Petitioner when he was a Director of the Respondent Company.
A.K Corporation, a sole proprietorship owned by Ashok Kumar Basudeo Saraf, filed a petition against Anupam Extractions Limited, claiming a default of ₹74,33,697.94 as of March 31, 2018. This amount includes a principal loan of ₹26,80,666/- disbursed between May 24, 2006, and March 31, 2007, and accrued interest. Ashok Kumar Basudeo Saraf was previously a Director in Anupam Extractions Limited. The Respondent argued that the loan was reflected as 'Unsecured Loan from Director' or 'Loans from Shareholders' in the audited accounts. The Respondent also claimed that the petition was barred by limitation and that the default was disputed due to mismanagement by the Petitioner during his tenure as a Director. The Petitioner submitted letters seeking repayment of the loan and
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Petitioner di…