Relan Buildwell Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Kaliber Associates Pvt. Ltd. for initiating the Corporate Insolvency Resolution Process (CIRP). The applicant claimed that an amount of Rs. 2,00,00,000/- was advanced to the respondent at an interest rate of 18% per annum. The respondent allegedly defaulted on repayment, leading to the application for CIRP.
Relan Buildwell Pvt. Ltd. (the Applicant) advanced Rs. 2,00,00,000/- to Kaliber Associates Pvt. Ltd. (the Respondent) at 18% interest per annum. The Applicant transferred the funds via RTGS. The Respondent paid Rs. 12,96,000/- as interest. The Respondent issued a cheque for Rs. 2,00,00,000/- which was dishonored with the remark 'Kindly contact Drawer/Drawee bank and please present again'. The Applicant sent a demand notice under Section 138 of the Negotiable Instruments Act, 1881. An earlier application under the Code was withdrawn after a settlement, but the settlement failed. Two cheques of Rs. 50,00,000/- each were encashed, but a subsequent cheque for Rs. 1,00,00,000/- was dishonored with the remark 'funds insufficient'. The Respondent failed to comply with the
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Relan Buildwell Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Kaliber Associates Pvt. Ltd. for initiating the Corporate Insolvency Resolution Process (CIRP). The applicant claimed that an amount of Rs. 2,00,00,000/- was advanced to the respondent at an interest rate of 18% per annum. The respondent allegedly defaulted on repayment, leading to the application for CIRP.
Relan Buildwell Pvt. Ltd. (the Applicant) advanced Rs. 2,00,00,000/- to Kaliber Associates Pvt. Ltd. (the Respondent) at 18% interest per annum. The Applicant transferred the funds via RTGS. The Respondent paid Rs. 12,96,000/- as interest. The Respondent issued a cheque for Rs. 2,00,00,000/- which was dishonored with the remark 'Kindly contact Drawer/Drawee bank and please present again'. The Applicant sent a demand notice under Section 138 of the Negotiable Instruments Act, 1881. An earlier application under the Code was withdrawn after a settlement, but the settlement failed. Two cheques of Rs. 50,00,000/- each were encashed, but a subsequent cheque for Rs. 1,00,00,000/- was dishonored with the remark 'funds insufficient'. The Respondent failed to comply with the
…Respondent paid…
Respondent issued…