The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by three financial creditors against BOP Projects Pvt. Ltd., the corporate debtor. The financial creditors claim that the corporate debtor failed to repay a financial debt owed to them, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). The financial creditors had financed loans to the corporate debtor, secured by post-dated cheques and an option to retain studio apartments as collateral security. The cheques issued by the corporate debtor were dishonored, and proceedings under Section 138 of the Negotiable Instruments Act failed to yield results.
Govind Ram, Ramesh Chand, and Hemant Miglani, acting as financial creditors, filed a petition against BOP Projects Pvt. Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. Financial Creditor No. 1, Govind Ram, had financed a loan of Rs. 12,75,173 to the Corporate Debtor, which was to be repaid with 15% interest per annum after one year. A post-dated cheque for Rs. 16,56,421, dated December 20, 2015, was issued. As collateral security, the Corporate Debtor offered a studio apartment. Financial Creditors No. 2 and 3 had similar transactions. All three financial creditors did not exercise their right to opt for the studio apartments and preferred to encash their cheques. However, the cheques were dishonored with the memo 'Account
…Sign in to view the parties.
Govind Ram paid an advance of Rs. 12,75,173…
Mutual Agreement…
The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by three financial creditors against BOP Projects Pvt. Ltd., the corporate debtor. The financial creditors claim that the corporate debtor failed to repay a financial debt owed to them, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). The financial creditors had financed loans to the corporate debtor, secured by post-dated cheques and an option to retain studio apartments as collateral security. The cheques issued by the corporate debtor were dishonored, and proceedings under Section 138 of the Negotiable Instruments Act failed to yield results.
Govind Ram, Ramesh Chand, and Hemant Miglani, acting as financial creditors, filed a petition against BOP Projects Pvt. Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. Financial Creditor No. 1, Govind Ram, had financed a loan of Rs. 12,75,173 to the Corporate Debtor, which was to be repaid with 15% interest per annum after one year. A post-dated cheque for Rs. 16,56,421, dated December 20, 2015, was issued. As collateral security, the Corporate Debtor offered a studio apartment. Financial Creditors No. 2 and 3 had similar transactions. All three financial creditors did not exercise their right to opt for the studio apartments and preferred to encash their cheques. However, the cheques were dishonored with the memo 'Account
…Govind Ram paid an advance of Rs. 12,75,173…
Mutual Agreement…