The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by LICHFL Trustee Company Private Limited, acting as the trustee of LICHFL Urban Development Fund, against JBM Shelters Private Limited, the Corporate Debtor. The Financial Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The Financial Creditor claimed a financial debt of Rs. 68,64,47,800/- with a date of default of 2018-09-27. The Corporate Debtor argued that the application should be dismissed, contending that the Financial Creditor was essentially a joint developer in a real estate project and that the application was barred by
…LICHFL Trustee Company Private Limited, acting as the trustee of LICHFL Urban Development Fund, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against JBM Shelters Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a financial debt of Rs. 68,64,47,800/-, with the date of default mentioned as 2018-09-27. The Corporate Debtor stood as a Corporate Guarantor for JBM Homes Private Limited, the Principal Borrower, towards the amount invested in the form of debentures by the Financial Creditor. The Principal Borrower and the promoters had entered into a Share Subscription cum Debenture Subscription and Shareholders Agreement on 2015-03-23. The Principal Borrower proposed to
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Principal Borrower and promoters entered…
Corporate Debtor…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by LICHFL Trustee Company Private Limited, acting as the trustee of LICHFL Urban Development Fund, against JBM Shelters Private Limited, the Corporate Debtor. The Financial Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The Financial Creditor claimed a financial debt of Rs. 68,64,47,800/- with a date of default of 2018-09-27. The Corporate Debtor argued that the application should be dismissed, contending that the Financial Creditor was essentially a joint developer in a real estate project and that the application was barred by
…LICHFL Trustee Company Private Limited, acting as the trustee of LICHFL Urban Development Fund, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against JBM Shelters Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a financial debt of Rs. 68,64,47,800/-, with the date of default mentioned as 2018-09-27. The Corporate Debtor stood as a Corporate Guarantor for JBM Homes Private Limited, the Principal Borrower, towards the amount invested in the form of debentures by the Financial Creditor. The Principal Borrower and the promoters had entered into a Share Subscription cum Debenture Subscription and Shareholders Agreement on 2015-03-23. The Principal Borrower proposed to
…Principal Borrower and promoters entered…
Corporate Debtor…