The case involves a petition filed by Sunil Parmanand Kewalramani, Parmanand Kewalramani, and Madhu Kewalramani under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Medilux Laboratories Pvt. Ltd. The petitioners claim to have advanced money to the corporate debtor, which the corporate debtor acknowledged in its annual report for the financial year 2015-16. The respondent corporate debtor raised objections regarding the authorization of the first petitioner to file the petition, limitation, the nature of the debt, and the necessity of bank permission for repayment.
Sunil Parmanand Kewalramani, Parmanand Kewalramani, and Madhu Kewalramani filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Medilux Laboratories Pvt. Ltd. The petitioners claimed to have advanced money to the respondent corporate debtor, and the corporate debtor acknowledged the debt in its annual report for the financial year 2015-16. The amounts due were Rs. 18,18,793/-, Rs. 95,20,444/-, and Rs. 1,97,256/- to petitioners No. 1, 2, and 3, respectively. The petitioners also stated that the first petitioner is the power of attorney holder for petitioners No. 2 and 3. The respondent corporate debtor raised objections, including the lack of proper authorization for the first petitioner, the claim being barred by limitation, the amount
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Amounts due to petitioners acknowledged in…
Sanction letter issued…
The case involves a petition filed by Sunil Parmanand Kewalramani, Parmanand Kewalramani, and Madhu Kewalramani under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Medilux Laboratories Pvt. Ltd. The petitioners claim to have advanced money to the corporate debtor, which the corporate debtor acknowledged in its annual report for the financial year 2015-16. The respondent corporate debtor raised objections regarding the authorization of the first petitioner to file the petition, limitation, the nature of the debt, and the necessity of bank permission for repayment.
Sunil Parmanand Kewalramani, Parmanand Kewalramani, and Madhu Kewalramani filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Medilux Laboratories Pvt. Ltd. The petitioners claimed to have advanced money to the respondent corporate debtor, and the corporate debtor acknowledged the debt in its annual report for the financial year 2015-16. The amounts due were Rs. 18,18,793/-, Rs. 95,20,444/-, and Rs. 1,97,256/- to petitioners No. 1, 2, and 3, respectively. The petitioners also stated that the first petitioner is the power of attorney holder for petitioners No. 2 and 3. The respondent corporate debtor raised objections, including the lack of proper authorization for the first petitioner, the claim being barred by limitation, the amount
…Amounts due to petitioners acknowledged in…
Sanction letter issued…