The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 by Tanuja A Jain and Rekha S Jain (Financial Creditors) against DSC Motors Private Limited (Corporate Debtor). The application was filed on 3rd October 2019, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to a default in repayment of a loan.
Tanuja A Jain and Rekha S Jain, the Applicants, filed an application under Section 7 of the IBC, 2016 against DSC Motors Private Limited, the Corporate Debtor, for initiation of CIRP. The application was filed on 3rd October 2019. The Corporate Debtor was incorporated on 21.11.1997. The Applicants claimed that the Corporate Debtor owed them Rs.6,92,400/- including interest. The Applicants submitted Demand Promissory Notes dated 17.11.2017. The Corporate Debtor made part payments via cheques between 15.01.2018 and 01.05.2018, totaling Rs.80,000/- to the 1st Applicant and Rs.3,20,000/- to the 2nd Applicant. The total principal amount due was Rs.10 lakh. The Respondent did not appear despite being served notice. The default occurred between May 2018 and August 2019.
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DSC Motors P…
Demand Promiss…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 by Tanuja A Jain and Rekha S Jain (Financial Creditors) against DSC Motors Private Limited (Corporate Debtor). The application was filed on 3rd October 2019, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to a default in repayment of a loan.
Tanuja A Jain and Rekha S Jain, the Applicants, filed an application under Section 7 of the IBC, 2016 against DSC Motors Private Limited, the Corporate Debtor, for initiation of CIRP. The application was filed on 3rd October 2019. The Corporate Debtor was incorporated on 21.11.1997. The Applicants claimed that the Corporate Debtor owed them Rs.6,92,400/- including interest. The Applicants submitted Demand Promissory Notes dated 17.11.2017. The Corporate Debtor made part payments via cheques between 15.01.2018 and 01.05.2018, totaling Rs.80,000/- to the 1st Applicant and Rs.3,20,000/- to the 2nd Applicant. The total principal amount due was Rs.10 lakh. The Respondent did not appear despite being served notice. The default occurred between May 2018 and August 2019.
DSC Motors P…
Demand Promiss…