The case involves an application filed by Shri Raghav Aggarwal, claiming to be a Financial Creditor, against M/s Kishori Lal Sudesh Kumar Metals Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant claimed default in repayment of the redemption amount of debentures issued by the respondent. The applicant is the son/legal heir of Late Shri Dharam Veer Aggarwal, who had purchased 4000 12% Non-Convertible Debentures of Rs. 100 each in December 1999, redeemable on 31.12.2017. The corporate debtor admitted to the issuance of debentures but stated they had incurred losses and shut down production, being unable to settle dues.
Shri Raghav Aggarwal, claiming to be a Financial Creditor and the legal heir of Late Shri Dharam Veer Aggarwal, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against M/s Kishori Lal Sudesh Kumar Metals Private Limited ('Corporate Debtor'). Shri Dharam Veer Aggarwal had purchased 4000 12% Non-Convertible Debentures of Rs. 100 each in December 1999, which were redeemable on 31.12.2017. After his demise, Shri Raghav Aggarwal became the legal heir to these debentures. The Corporate Debtor defaulted on the redemption amount of Rs. 36,94,987/-. The applicant sent numerous letters and a demand notice, but received no reply. The Corporate Debtor admitted to the issuance of debentures but claimed inability to pay due to losses and shutdown of
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Shri Dharam Veer…
Debentures…
The case involves an application filed by Shri Raghav Aggarwal, claiming to be a Financial Creditor, against M/s Kishori Lal Sudesh Kumar Metals Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant claimed default in repayment of the redemption amount of debentures issued by the respondent. The applicant is the son/legal heir of Late Shri Dharam Veer Aggarwal, who had purchased 4000 12% Non-Convertible Debentures of Rs. 100 each in December 1999, redeemable on 31.12.2017. The corporate debtor admitted to the issuance of debentures but stated they had incurred losses and shut down production, being unable to settle dues.
Shri Raghav Aggarwal, claiming to be a Financial Creditor and the legal heir of Late Shri Dharam Veer Aggarwal, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against M/s Kishori Lal Sudesh Kumar Metals Private Limited ('Corporate Debtor'). Shri Dharam Veer Aggarwal had purchased 4000 12% Non-Convertible Debentures of Rs. 100 each in December 1999, which were redeemable on 31.12.2017. After his demise, Shri Raghav Aggarwal became the legal heir to these debentures. The Corporate Debtor defaulted on the redemption amount of Rs. 36,94,987/-. The applicant sent numerous letters and a demand notice, but received no reply. The Corporate Debtor admitted to the issuance of debentures but claimed inability to pay due to losses and shutdown of
…Shri Dharam Veer…
Debentures…