The case involves a petition filed by Vijay Rochlani, a Financial Creditor, against Shantai Exim Ltd., the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioner claimed a 'financial debt' of ₹50,00,000/-. The Corporate Debtor allegedly failed to repay the outstanding debt with interest as of 11.10.2017, leading the Petitioner to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor argued that the amount was not a loan but a family advance, related to a matrimonial dispute involving the Petitioner's wife, who is the sister of the directors of the Corporate Debtor. The Corporate Debtor claimed the amount was retained as an escrow for alimony.
Vijay Rochlani, the Petitioner, claimed that Shantai Exim Ltd., the Corporate Debtor, owed him ₹50,00,000/- as a 'financial debt'. The Corporate Debtor approached the Petitioner for short-term financial assistance in December 2016, assuring repayment by March 2017. The Petitioner provided ₹55,00,000/-. The Corporate Debtor repaid ₹5,00,000/- in March 2017 and offered 12% interest on the remaining ₹50,00,000/-. Interest was paid for three quarters until June 2017, after which no further payments were made. The Petitioner sent a legal notice on 11.10.2017, but the Corporate Debtor did not respond or make any payments. The Corporate Debtor argued that the amount was not a loan but a family advance related to a matrimonial dispute involving the Petitioner's wife, who is
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The Corporate Debtor…
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The case involves a petition filed by Vijay Rochlani, a Financial Creditor, against Shantai Exim Ltd., the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioner claimed a 'financial debt' of ₹50,00,000/-. The Corporate Debtor allegedly failed to repay the outstanding debt with interest as of 11.10.2017, leading the Petitioner to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor argued that the amount was not a loan but a family advance, related to a matrimonial dispute involving the Petitioner's wife, who is the sister of the directors of the Corporate Debtor. The Corporate Debtor claimed the amount was retained as an escrow for alimony.
Vijay Rochlani, the Petitioner, claimed that Shantai Exim Ltd., the Corporate Debtor, owed him ₹50,00,000/- as a 'financial debt'. The Corporate Debtor approached the Petitioner for short-term financial assistance in December 2016, assuring repayment by March 2017. The Petitioner provided ₹55,00,000/-. The Corporate Debtor repaid ₹5,00,000/- in March 2017 and offered 12% interest on the remaining ₹50,00,000/-. Interest was paid for three quarters until June 2017, after which no further payments were made. The Petitioner sent a legal notice on 11.10.2017, but the Corporate Debtor did not respond or make any payments. The Corporate Debtor argued that the amount was not a loan but a family advance related to a matrimonial dispute involving the Petitioner's wife, who is
…The Corporate Debtor…
Funds were transferred…