Vijay Rochlani, a Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shantai Exim Ltd., the Corporate Debtor, due to non-payment of a claimed 'financial debt' of ₹50,00,000/-. The Corporate Debtor had approached the Petitioner for short-term financial assistance in December 2016, assuring repayment by March 2017. The Petitioner provided ₹55,00,000/-, and the Corporate Debtor repaid ₹5,00,000/- in March 2017, promising to pay the balance in December 2017. An interest of @12% p.a. was agreed upon for the remaining amount. The Corporate Debtor paid interest for three quarters until June 2017 but then defaulted on both interest and principal. The Petitioner sent a legal notice on 11.10.2017, but the Corporate
…Vijay Rochlani, the Petitioner, claims a financial debt of ₹50,00,000/- from Shantai Exim Ltd., the Corporate Debtor. In December 2016, the Corporate Debtor approached the Petitioner for short-term financial assistance, assuring repayment by March 2017. The Petitioner provided ₹55,00,000/-. The Corporate Debtor repaid ₹5,00,000/- in March 2017 and promised to pay the balance in December 2017, with an agreed interest of 12% p.a. The Corporate Debtor paid interest until June 2017 but then defaulted. A legal notice was sent on 11.10.2017, but no payment was made. The Petitioner's wife is the sister of the directors of the Corporate Debtor, and a divorce petition is pending. The Corporate Debtor argues the amount was a family advance, not a loan, and is retained due to the
…Sign in to view the parties.
The Corporate Debtor…
The Petitioner provided…
Vijay Rochlani, a Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shantai Exim Ltd., the Corporate Debtor, due to non-payment of a claimed 'financial debt' of ₹50,00,000/-. The Corporate Debtor had approached the Petitioner for short-term financial assistance in December 2016, assuring repayment by March 2017. The Petitioner provided ₹55,00,000/-, and the Corporate Debtor repaid ₹5,00,000/- in March 2017, promising to pay the balance in December 2017. An interest of @12% p.a. was agreed upon for the remaining amount. The Corporate Debtor paid interest for three quarters until June 2017 but then defaulted on both interest and principal. The Petitioner sent a legal notice on 11.10.2017, but the Corporate
…Vijay Rochlani, the Petitioner, claims a financial debt of ₹50,00,000/- from Shantai Exim Ltd., the Corporate Debtor. In December 2016, the Corporate Debtor approached the Petitioner for short-term financial assistance, assuring repayment by March 2017. The Petitioner provided ₹55,00,000/-. The Corporate Debtor repaid ₹5,00,000/- in March 2017 and promised to pay the balance in December 2017, with an agreed interest of 12% p.a. The Corporate Debtor paid interest until June 2017 but then defaulted. A legal notice was sent on 11.10.2017, but no payment was made. The Petitioner's wife is the sister of the directors of the Corporate Debtor, and a divorce petition is pending. The Corporate Debtor argues the amount was a family advance, not a loan, and is retained due to the
…The Corporate Debtor…
The Petitioner provided…