IDAC Solutions Private Limited and Nithin Shabbir filed a joint application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Liquid Space Entertainment Private Limited. The applicants claimed to be financial creditors of the corporate debtor, asserting that the corporate debtor had defaulted on payments related to loans and advances made by them. The respondent company raised preliminary objections, contending that the transactions did not constitute financial debt and that the claims were time-barred. The applicants argued that the amounts advanced were loans, as reflected in the corporate debtor's financial statements, and that the acknowledgment of debt in the balance sheets
…IDAC Solutions Private Limited (Applicant No. 1) and Nithin Shabbir (Applicant No. 2) jointly filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Liquid Space Entertainment Private Limited (Corporate Debtor). Applicant No. 1 granted a debt of Rs. 67,00,000, while Applicant No. 2 granted a debt of Rs. 3,25,80,000. The date of default was April 1, 2014. The total amount claimed to be in default by Applicant No. 1 was Rs. 1,02,17,500, including interest at 18% per annum. The total amount claimed to be in default by Applicant No. 2 was Rs. 4,96,84,500, including interest at 18% per annum. The Respondent Company argued that the amounts advanced were related to share application money and partnership in a music festival, not loans. The
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Nellamakkada Aiyappa Bopanna and Nellamakkada…
IDAC Solutions…
IDAC Solutions Private Limited and Nithin Shabbir filed a joint application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Liquid Space Entertainment Private Limited. The applicants claimed to be financial creditors of the corporate debtor, asserting that the corporate debtor had defaulted on payments related to loans and advances made by them. The respondent company raised preliminary objections, contending that the transactions did not constitute financial debt and that the claims were time-barred. The applicants argued that the amounts advanced were loans, as reflected in the corporate debtor's financial statements, and that the acknowledgment of debt in the balance sheets
…IDAC Solutions Private Limited (Applicant No. 1) and Nithin Shabbir (Applicant No. 2) jointly filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Liquid Space Entertainment Private Limited (Corporate Debtor). Applicant No. 1 granted a debt of Rs. 67,00,000, while Applicant No. 2 granted a debt of Rs. 3,25,80,000. The date of default was April 1, 2014. The total amount claimed to be in default by Applicant No. 1 was Rs. 1,02,17,500, including interest at 18% per annum. The total amount claimed to be in default by Applicant No. 2 was Rs. 4,96,84,500, including interest at 18% per annum. The Respondent Company argued that the amounts advanced were related to share application money and partnership in a music festival, not loans. The
…Nellamakkada Aiyappa Bopanna and Nellamakkada…
IDAC Solutions…