Rakesh Pandey, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against JHV Distilleries and Sugar Mills Limited, the corporate debtor, due to default in repayment of a loan. The financial creditor claimed a default amount of Rs. 2,21,00,000/- along with interest, totaling Rs. 5,21,56,000/-. The corporate debtor argued that the funds were provided for an undefined period to revive a sick industrial unit and were a contribution towards capital, not a loan, and that there was no specified date for repayment. The financial creditor contended that the corporate debtor acknowledged the debt in its balance sheet.
Rakesh Pandey, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against JHV Distilleries and Sugar Mills Limited, the corporate debtor. The financial creditor claimed that the corporate debtor defaulted in repaying a loan of Rs. 2,21,00,000/- along with interest at 12% per annum, totaling Rs. 5,21,56,000/-. The loan was disbursed in two tranches on 23.06.2005 and 03.01.2007. The financial creditor contended that the corporate debtor failed to repay the loan within one month as agreed. The loan amount was reflected in the balance sheet of the corporate debtor for the year ending 31.03.2012. The corporate debtor acknowledged the debt in a letter dated
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Rakesh Pandey, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against JHV Distilleries and Sugar Mills Limited, the corporate debtor, due to default in repayment of a loan. The financial creditor claimed a default amount of Rs. 2,21,00,000/- along with interest, totaling Rs. 5,21,56,000/-. The corporate debtor argued that the funds were provided for an undefined period to revive a sick industrial unit and were a contribution towards capital, not a loan, and that there was no specified date for repayment. The financial creditor contended that the corporate debtor acknowledged the debt in its balance sheet.
Rakesh Pandey, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against JHV Distilleries and Sugar Mills Limited, the corporate debtor. The financial creditor claimed that the corporate debtor defaulted in repaying a loan of Rs. 2,21,00,000/- along with interest at 12% per annum, totaling Rs. 5,21,56,000/-. The loan was disbursed in two tranches on 23.06.2005 and 03.01.2007. The financial creditor contended that the corporate debtor failed to repay the loan within one month as agreed. The loan amount was reflected in the balance sheet of the corporate debtor for the year ending 31.03.2012. The corporate debtor acknowledged the debt in a letter dated
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