The case involves an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, filed by Neha Himatsingka and Kanishka Himatsingka, the Financial Creditors (FCs), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Himatsingka Resorts Pvt. Ltd., the Corporate Debtor (CD). The FCs alleged that the CD defaulted on unsecured loans disbursed by them. The CD contested the application, arguing that the present management (BK Group) had not committed any default and that the debt was barred by limitation. The Adjudicating Authority initially dismissed the application, but the NCLAT set aside the order and remitted the matter
…Neha Himatsingka (FC1) disbursed an unsecured loan of Rs. 51,50,000.00 to M/s. Himatsingka Resorts Pvt. Ltd. (CD) in six installments between 2013-04-30 and 2014-04-24. Kanishka Himatsingka (FC2) disbursed an unsecured loan of Rs. 25,00,000.00 to the CD on 2013-02-27. The CD defaulted on repayment of both loans. As of 2017-11-15, the amount due to FC1 was Rs. 83,30,499.00, and the amount due to FC2 was Rs. 38,52,630.00. The FCs jointly filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of CIRP against the CD. The CD argued that the present management (BK Group) had not committed any default and that the debt was barred by limitation. The CD also claimed that the previous management (RHS Group), which included the FCs,
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Kanishka Himatsingka (FC2) disbursed an…
Neha Himatsingka (FC1) began disbursing an…
The case involves an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, filed by Neha Himatsingka and Kanishka Himatsingka, the Financial Creditors (FCs), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Himatsingka Resorts Pvt. Ltd., the Corporate Debtor (CD). The FCs alleged that the CD defaulted on unsecured loans disbursed by them. The CD contested the application, arguing that the present management (BK Group) had not committed any default and that the debt was barred by limitation. The Adjudicating Authority initially dismissed the application, but the NCLAT set aside the order and remitted the matter
…Neha Himatsingka (FC1) disbursed an unsecured loan of Rs. 51,50,000.00 to M/s. Himatsingka Resorts Pvt. Ltd. (CD) in six installments between 2013-04-30 and 2014-04-24. Kanishka Himatsingka (FC2) disbursed an unsecured loan of Rs. 25,00,000.00 to the CD on 2013-02-27. The CD defaulted on repayment of both loans. As of 2017-11-15, the amount due to FC1 was Rs. 83,30,499.00, and the amount due to FC2 was Rs. 38,52,630.00. The FCs jointly filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of CIRP against the CD. The CD argued that the present management (BK Group) had not committed any default and that the debt was barred by limitation. The CD also claimed that the previous management (RHS Group), which included the FCs,
…Kanishka Himatsingka (FC2) disbursed an…
Neha Himatsingka (FC1) began disbursing an…