The Financial Creditor disbursed Rs. 20,00,000 to the Corporate Debtor on 2016-10-21 based on a Memorandum of Understanding (MoU). The cheque given by the Corporate Debtor for payment was dishonored when presented by the Financial Creditor on 2018-01-21. Subsequently, an application was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016.
The Financial Creditor, Ravin Daftari HUF, disbursed Rs. 20,00,000 to the Corporate Debtor, India Green Reality Ltd., on 2016-10-21 based on a Memorandum of Understanding (MoU). The Corporate Debtor issued a cheque for the payment, which was dishonored upon presentation by the Financial Creditor on 2018-01-21. The Financial Creditor then filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Debtor argued that the MoU was not signed by its Director and that the amount was received against the booking of a plot. The court noted that the Corporate Debtor had received and used the amount, and the debt was due and payable as per the MoU terms. The dishonoring of the cheque presented by the Financial Creditor was also
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Financial Creditor…
Cheque issued by the Corporate Debtor was…
The Financial Creditor disbursed Rs. 20,00,000 to the Corporate Debtor on 2016-10-21 based on a Memorandum of Understanding (MoU). The cheque given by the Corporate Debtor for payment was dishonored when presented by the Financial Creditor on 2018-01-21. Subsequently, an application was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016.
The Financial Creditor, Ravin Daftari HUF, disbursed Rs. 20,00,000 to the Corporate Debtor, India Green Reality Ltd., on 2016-10-21 based on a Memorandum of Understanding (MoU). The Corporate Debtor issued a cheque for the payment, which was dishonored upon presentation by the Financial Creditor on 2018-01-21. The Financial Creditor then filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Debtor argued that the MoU was not signed by its Director and that the amount was received against the booking of a plot. The court noted that the Corporate Debtor had received and used the amount, and the debt was due and payable as per the MoU terms. The dishonoring of the cheque presented by the Financial Creditor was also
…Financial Creditor…
Cheque issued by the Corporate Debtor was…