The case involves a petition filed by M/s. Vinayaka Exports and Mrs. Divya M. Jain (Financial Creditors) against M/s. Colorhome Developers Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The financial creditors claimed default on a loan amount. The corporate debtor contested the claim, stating that the amounts were borrowed by a sole proprietorship concern, M/s. Colorhomes, and not directly by the company. The respondent also raised disputes regarding the amount due, the applicability of Section 7 of the IBC, and the existence of a pending civil suit.
M/s. Vinayaka Exports and Mrs. Divya M. Jain, claiming to be financial creditors, filed a petition against M/s. Colorhome Developers Private Limited, the corporate debtor, under Section 7 of the IBC, 2016. The financial creditors alleged a default on a loan amount. The corporate debtor is a private limited company incorporated on 28.05.2010. The financial creditors claimed that the corporate debtor defaulted on an amount of ₹10,14,53,750 as of 31.12.2017, with the date of default being December 2016. The corporate debtor argued that the loan was taken by the sole proprietorship, M/s. Colorhomes, and not by the company itself. The corporate debtor also pointed out that the petitioners had filed a legal notice admitting that the cheques were issued to M/s. Colorhomes.
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M/s.Colorhome…
₹8.20 crores d…
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The case involves a petition filed by M/s. Vinayaka Exports and Mrs. Divya M. Jain (Financial Creditors) against M/s. Colorhome Developers Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The financial creditors claimed default on a loan amount. The corporate debtor contested the claim, stating that the amounts were borrowed by a sole proprietorship concern, M/s. Colorhomes, and not directly by the company. The respondent also raised disputes regarding the amount due, the applicability of Section 7 of the IBC, and the existence of a pending civil suit.
M/s. Vinayaka Exports and Mrs. Divya M. Jain, claiming to be financial creditors, filed a petition against M/s. Colorhome Developers Private Limited, the corporate debtor, under Section 7 of the IBC, 2016. The financial creditors alleged a default on a loan amount. The corporate debtor is a private limited company incorporated on 28.05.2010. The financial creditors claimed that the corporate debtor defaulted on an amount of ₹10,14,53,750 as of 31.12.2017, with the date of default being December 2016. The corporate debtor argued that the loan was taken by the sole proprietorship, M/s. Colorhomes, and not by the company itself. The corporate debtor also pointed out that the petitioners had filed a legal notice admitting that the cheques were issued to M/s. Colorhomes.
…M/s.Colorhome…
₹8.20 crores d…
Sign in to view related legal provisions.