Arrow Engineering Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Golden Tobacco Limited, seeking reliefs under Section 7(5)(a) and Section 13(1)(a)(b)(c) of the Code. The petition was based on an alleged Memorandum of Understanding (MoU) and a Letter of Intent (LoI) between the parties, concerning financial assistance and marketing services for the development of a property owned by Golden Tobacco Limited. Golden Tobacco Limited raised objections, contending that the petitioner suppressed material facts, had a counter claim, and that the claim was barred by limitation. The corporate debtor also argued that the MoU was incomplete and lacked essential information, and that the petitioner was not a financial creditor.
Arrow Engineering Ltd. (the applicant) filed a petition against Golden Tobacco Limited (the respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant claimed to have provided financial assistance and marketing services to the respondent based on a Memorandum of Understanding (MoU) and a Letter of Intent (LoI). The MoU, however, lacked essential details such as the date of execution and addresses of the parties. The applicant disbursed Rs. 10.00 crores to the respondent between 03.06.2011 and 16.07.2011, as reflected in a letter dated 22.07.2011. The respondent was to develop a property at S.V. Road, Vile Parle (West), Mumbai. The respondent raised objections, stating that the applicant suppressed material facts, had a counter claim for Rs.
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Arrow Engineering Limited filed a petition…
Letter of Intent dated 03.06.2011 issued by…
Arrow Engineering Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Golden Tobacco Limited, seeking reliefs under Section 7(5)(a) and Section 13(1)(a)(b)(c) of the Code. The petition was based on an alleged Memorandum of Understanding (MoU) and a Letter of Intent (LoI) between the parties, concerning financial assistance and marketing services for the development of a property owned by Golden Tobacco Limited. Golden Tobacco Limited raised objections, contending that the petitioner suppressed material facts, had a counter claim, and that the claim was barred by limitation. The corporate debtor also argued that the MoU was incomplete and lacked essential information, and that the petitioner was not a financial creditor.
Arrow Engineering Ltd. (the applicant) filed a petition against Golden Tobacco Limited (the respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant claimed to have provided financial assistance and marketing services to the respondent based on a Memorandum of Understanding (MoU) and a Letter of Intent (LoI). The MoU, however, lacked essential details such as the date of execution and addresses of the parties. The applicant disbursed Rs. 10.00 crores to the respondent between 03.06.2011 and 16.07.2011, as reflected in a letter dated 22.07.2011. The respondent was to develop a property at S.V. Road, Vile Parle (West), Mumbai. The respondent raised objections, stating that the applicant suppressed material facts, had a counter claim for Rs.
…Arrow Engineering Limited filed a petition…
Letter of Intent dated 03.06.2011 issued by…