The case involves a Company Petition filed by Abhishek Agarwal and others (Financial Creditors) against Manasadevi Bakers Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The financial creditors are individual persons/businessmen, and their relatives are directors and 50% shareholders of the Corporate Debtor. The Managing Director requested unsecured loans, and Rs. 66,75,000/- was disbursed. The Corporate Debtor showed this amount as an unsecured loan in its financial statements from 2006-07 to 2015-16 but did not file statements for 2016-17 and 2017-18. As of 2018-12-10, the Corporate Debtor owed Rs. 1,47,81,477/- including principal and interest. The petitioners approached the Adjudicating Authority seeking an order for
…Abhishek Agarwal and others, claiming to be Financial Creditors, filed a petition against Manasadevi Bakers Private Limited (Corporate Debtor) under Section 7 of the IBC. The Financial Creditors are related to the directors and shareholders of the Corporate Debtor. They provided an unsecured loan of Rs. 66,75,000/- to the Corporate Debtor, which was reflected in the Corporate Debtor's financial statements until 2015-16. The Corporate Debtor defaulted on the loan, with the outstanding amount reaching Rs. 1,47,81,477/- as of 2018-12-10. The Corporate Debtor argued that the loan was interest-free and that a subordination agreement existed with Canara Bank, preventing the Financial Creditors from pursuing their claim until the bank's debt was settled. The Financial
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Memorandum of…
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The case involves a Company Petition filed by Abhishek Agarwal and others (Financial Creditors) against Manasadevi Bakers Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The financial creditors are individual persons/businessmen, and their relatives are directors and 50% shareholders of the Corporate Debtor. The Managing Director requested unsecured loans, and Rs. 66,75,000/- was disbursed. The Corporate Debtor showed this amount as an unsecured loan in its financial statements from 2006-07 to 2015-16 but did not file statements for 2016-17 and 2017-18. As of 2018-12-10, the Corporate Debtor owed Rs. 1,47,81,477/- including principal and interest. The petitioners approached the Adjudicating Authority seeking an order for
…Abhishek Agarwal and others, claiming to be Financial Creditors, filed a petition against Manasadevi Bakers Private Limited (Corporate Debtor) under Section 7 of the IBC. The Financial Creditors are related to the directors and shareholders of the Corporate Debtor. They provided an unsecured loan of Rs. 66,75,000/- to the Corporate Debtor, which was reflected in the Corporate Debtor's financial statements until 2015-16. The Corporate Debtor defaulted on the loan, with the outstanding amount reaching Rs. 1,47,81,477/- as of 2018-12-10. The Corporate Debtor argued that the loan was interest-free and that a subordination agreement existed with Canara Bank, preventing the Financial Creditors from pursuing their claim until the bank's debt was settled. The Financial
…Memorandum of…
Another agreement was…