M/s. Vijayanagar Sugar Private Limited filed a petition against M/s. MS Biotech Private Limited (formerly known as M/s. Aroma Biotech Private Limited) under Section 7 of the Insolvency and Bankruptcy Code, 2016, alleging default in repayment of Rs. 7,46,50,685/-, which includes a principal loan amount of Rs. 5,00,000/- and unpaid interest of Rs. 2,46,50,685/-. The petitioner sought admission of the petition, initiation of the Corporate Insolvency Resolution Process (CIRP), granting of a moratorium, and appointment of an Interim Resolution Professional (IRP). The corporate debtor refuted the claim, stating that the amount was given as an advance for a lease agreement, not as a loan. The corporate debtor also argued that the financial creditor came before the
…M/s. Vijayanagar Sugar Private Limited (the Financial Creditor) claimed that M/s. MS Biotech Private Limited (the Corporate Debtor) defaulted on a loan of Rs. 7,46,50,685/-, including principal and interest. The Financial Creditor sought to initiate Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor argued that the Rs. 5 crores received was an advance for a lease agreement, not a loan, and that the Financial Creditor was attempting to take over the Corporate Debtor's business. The Financial Creditor transferred Rs. 5 crores to the Corporate Debtor in installments between November and December 2014. The Corporate Debtor repaid Rs. 50 lakhs on 31.07.2015. A draft Memorandum of Understanding
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M/s. Vijayanagar Sugar Private Limited filed a petition against M/s. MS Biotech Private Limited (formerly known as M/s. Aroma Biotech Private Limited) under Section 7 of the Insolvency and Bankruptcy Code, 2016, alleging default in repayment of Rs. 7,46,50,685/-, which includes a principal loan amount of Rs. 5,00,000/- and unpaid interest of Rs. 2,46,50,685/-. The petitioner sought admission of the petition, initiation of the Corporate Insolvency Resolution Process (CIRP), granting of a moratorium, and appointment of an Interim Resolution Professional (IRP). The corporate debtor refuted the claim, stating that the amount was given as an advance for a lease agreement, not as a loan. The corporate debtor also argued that the financial creditor came before the
…M/s. Vijayanagar Sugar Private Limited (the Financial Creditor) claimed that M/s. MS Biotech Private Limited (the Corporate Debtor) defaulted on a loan of Rs. 7,46,50,685/-, including principal and interest. The Financial Creditor sought to initiate Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor argued that the Rs. 5 crores received was an advance for a lease agreement, not a loan, and that the Financial Creditor was attempting to take over the Corporate Debtor's business. The Financial Creditor transferred Rs. 5 crores to the Corporate Debtor in installments between November and December 2014. The Corporate Debtor repaid Rs. 50 lakhs on 31.07.2015. A draft Memorandum of Understanding
…A draft Memorandum of Understanding (MoU) for a…
The Petitioner relied on a Board Resolution…