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, who are individual businessmen, provided unsecured loans to the Corporate Debtor. Directors of the Corporate Debtor are related to the financial creditors and hold 50% of the shares. The Corporate Debtor failed to repay the loan, leading to the petition for initiating the Corporate Insolvency Resolution Process (CIRP).
Abhishek Agarwal and others (Financial Creditors) filed a company petition against Manasadevi Bakers Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditors are individual businessmen related to the directors of the Corporate Debtor. The Corporate Debtor received unsecured loans amounting to Rs. 66,75,000 from the Financial Creditors. The Corporate Debtor's annual financial statements reflected this amount as an unsecured loan. The Corporate Debtor failed to repay the loan, which, including principal and interest, amounted to Rs. 1,47,81,477 as of 10.12.2018. The Corporate Debtor had also entered into a subordination agreement with Canara Bank, which the Corporate Debtor claimed prevented the Financial
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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, who are individual businessmen, provided unsecured loans to the Corporate Debtor. Directors of the Corporate Debtor are related to the financial creditors and hold 50% of the shares. The Corporate Debtor failed to repay the loan, leading to the petition for initiating the Corporate Insolvency Resolution Process (CIRP).
Abhishek Agarwal and others (Financial Creditors) filed a company petition against Manasadevi Bakers Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditors are individual businessmen related to the directors of the Corporate Debtor. The Corporate Debtor received unsecured loans amounting to Rs. 66,75,000 from the Financial Creditors. The Corporate Debtor's annual financial statements reflected this amount as an unsecured loan. The Corporate Debtor failed to repay the loan, which, including principal and interest, amounted to Rs. 1,47,81,477 as of 10.12.2018. The Corporate Debtor had also entered into a subordination agreement with Canara Bank, which the Corporate Debtor claimed prevented the Financial
…Notice served to…
Notice served to…