The case originates from a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by 18 claimants, represented by Ashoksing L. Rajput, against HBN Foods Limited. The claimants, acting as financial creditors, initiated the Corporate Insolvency Resolution Process (CIRP) due to defaults on an investment scheme floated by HBN Foods Ltd. The company, incorporated in 2013, allegedly collected monies from the public with promises of assured returns, but its directors later absconded, leading to the closure of its office and the freezing of the applicants' investments. A related company, HBN Dairies & Allied Ltd., was already undergoing CIRP.
Ashoksing L. Rajput and 17 other claimants filed a petition against HBN Foods Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The claimants, acting as financial creditors, alleged that HBN Foods Limited defaulted on an investment scheme. HBN Foods Limited, incorporated on March 1, 2013, floated an investment scheme (Circular 9 dated August 1, 2013) promising assured returns. The directors of HBN Foods Limited absconded, leading to the closure of the company's office. The petitioners invested a total principal amount of Rs. 54,24,150, with a total claim of Rs. 74,31,447. The respondent company did not appear during the proceedings, leading the Tribunal to proceed ex-parte. The financial creditors established a default exceeding Rs. 1,00,000. A
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HBN Foods Limited was…
HBN Foods LTD. floated…
The case originates from a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by 18 claimants, represented by Ashoksing L. Rajput, against HBN Foods Limited. The claimants, acting as financial creditors, initiated the Corporate Insolvency Resolution Process (CIRP) due to defaults on an investment scheme floated by HBN Foods Ltd. The company, incorporated in 2013, allegedly collected monies from the public with promises of assured returns, but its directors later absconded, leading to the closure of its office and the freezing of the applicants' investments. A related company, HBN Dairies & Allied Ltd., was already undergoing CIRP.
Ashoksing L. Rajput and 17 other claimants filed a petition against HBN Foods Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The claimants, acting as financial creditors, alleged that HBN Foods Limited defaulted on an investment scheme. HBN Foods Limited, incorporated on March 1, 2013, floated an investment scheme (Circular 9 dated August 1, 2013) promising assured returns. The directors of HBN Foods Limited absconded, leading to the closure of the company's office. The petitioners invested a total principal amount of Rs. 54,24,150, with a total claim of Rs. 74,31,447. The respondent company did not appear during the proceedings, leading the Tribunal to proceed ex-parte. The financial creditors established a default exceeding Rs. 1,00,000. A
…HBN Foods Limited was…
HBN Foods LTD. floated…