The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mrs. Tripat Kaur, the petitioner, against M/s Kaliber Associates Pvt. Ltd., the respondent. Mrs. Tripat Kaur, as the proprietor of M/s. Gallerie Nvya, claimed to be a Financial Creditor, having extended an unsecured loan of Rs. 1.5 crore to the respondent Corporate Debtor. The Corporate Debtor allegedly defaulted on the interest component of the loan on 29.02.2016, leading the petitioner to demand repayment. A winding-up petition was initially filed before the Delhi High Court, which was later withdrawn with the liberty to file a fresh petition under the IBC.
Mrs. Tripat Kaur, proprietor of M/s. Gallerie Nvya, extended an unsecured loan of Rs. 1.5 crore to M/s Kaliber Associates Pvt. Ltd. The loan was to be repaid with an interest of 18% per annum. The Corporate Debtor remitted interest regularly and also repaid Rs. 50 lakhs on 2014-12-10. The Corporate Debtor defaulted on the interest component on 2016-02-29. Mrs. Kaur demanded the return of Rs. 1 crore. A demand notice was issued under Sections 433-434 of the Companies Act, 1956, followed by a winding-up petition before the Delhi High Court, which was later withdrawn. The interest payments were corroborated by Form 26AS reflecting the TDS deposits. The petitioner filed an application under Section 7 of the IBC. The Corporate Debtor did not appear despite notice.
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Rs. 1.5 crore loan…
Corporate Debtor…
The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mrs. Tripat Kaur, the petitioner, against M/s Kaliber Associates Pvt. Ltd., the respondent. Mrs. Tripat Kaur, as the proprietor of M/s. Gallerie Nvya, claimed to be a Financial Creditor, having extended an unsecured loan of Rs. 1.5 crore to the respondent Corporate Debtor. The Corporate Debtor allegedly defaulted on the interest component of the loan on 29.02.2016, leading the petitioner to demand repayment. A winding-up petition was initially filed before the Delhi High Court, which was later withdrawn with the liberty to file a fresh petition under the IBC.
Mrs. Tripat Kaur, proprietor of M/s. Gallerie Nvya, extended an unsecured loan of Rs. 1.5 crore to M/s Kaliber Associates Pvt. Ltd. The loan was to be repaid with an interest of 18% per annum. The Corporate Debtor remitted interest regularly and also repaid Rs. 50 lakhs on 2014-12-10. The Corporate Debtor defaulted on the interest component on 2016-02-29. Mrs. Kaur demanded the return of Rs. 1 crore. A demand notice was issued under Sections 433-434 of the Companies Act, 1956, followed by a winding-up petition before the Delhi High Court, which was later withdrawn. The interest payments were corroborated by Form 26AS reflecting the TDS deposits. The petitioner filed an application under Section 7 of the IBC. The Corporate Debtor did not appear despite notice.
Rs. 1.5 crore loan…
Corporate Debtor…