The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the I&B (AAA) Rules, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. City Square Enterprises Private Limited. The petition was filed by Mr. Gopal Agarwal and others, claiming to be financial creditors. The corporate debtor allegedly defaulted on a payment of Rs. 3,41,12,087.66, including principal and interest as of December 28, 2009.
Mr. Gopal Agarwal and others, identified as financial creditors, filed C.P. (IB) No. 54/BB/2020 under Section 7 of the IBC, seeking to initiate CIRP against City Square Enterprises Private Limited, the corporate debtor. The alleged default amount was Rs. 3,41,12,087.66, including principal and interest as of December 28, 2009. The case was listed for hearing multiple times (June 24, 2020, July 1, 2020, August 13, 2020, August 21, 2020, and September 7, 2020). The petitioners or their representatives were absent on all these dates. The respondent's counsel, Mr. Dushyanth Kumar, was present and had filed a reply on March 4, 2020. The court noted the petitioners' absence as a sign of disinterest in prosecuting the case.
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The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the I&B (AAA) Rules, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. City Square Enterprises Private Limited. The petition was filed by Mr. Gopal Agarwal and others, claiming to be financial creditors. The corporate debtor allegedly defaulted on a payment of Rs. 3,41,12,087.66, including principal and interest as of December 28, 2009.
Mr. Gopal Agarwal and others, identified as financial creditors, filed C.P. (IB) No. 54/BB/2020 under Section 7 of the IBC, seeking to initiate CIRP against City Square Enterprises Private Limited, the corporate debtor. The alleged default amount was Rs. 3,41,12,087.66, including principal and interest as of December 28, 2009. The case was listed for hearing multiple times (June 24, 2020, July 1, 2020, August 13, 2020, August 21, 2020, and September 7, 2020). The petitioners or their representatives were absent on all these dates. The respondent's counsel, Mr. Dushyanth Kumar, was present and had filed a reply on March 4, 2020. The court noted the petitioners' absence as a sign of disinterest in prosecuting the case.
Alleged default date…
Respondent's counsel…