The case originates from a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Onemax Yarn Merchants Private Limited (Financial Creditor) against Nandlal Kamal Kishore Vyapaar Private Limited (Corporate Debtor) seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was filed due to the Corporate Debtor's failure to repay an inter-corporate deposit. The Financial Creditor claimed a default of Rs. 26,42,583/- including interest. The Corporate Debtor did not appear despite multiple notices and opportunities.
Onemax Yarn Merchants Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Nandlal Kamal Kishore Vyapaar Private Limited (Corporate Debtor) due to a default on an inter-corporate deposit. On 08.12.2015, the Financial Creditor advanced Rs. 25,00,000/- to the Corporate Debtor, which was acknowledged via a money receipt. The repayment was due on 01.04.2019, but it was renewed for three months with a post-dated cheque dated 01.07.2019. This cheque was returned due to 'insufficient funds'. The Financial Creditor claimed a total outstanding amount of Rs. 26,42,583/-, including interest at 12% p.a. from the date of default, 01.07.2019. Despite multiple notices, the Corporate Debtor failed to appear before
…Sign in to view the parties.
Financial Creditor advanced an…
The total outs…
The case originates from a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Onemax Yarn Merchants Private Limited (Financial Creditor) against Nandlal Kamal Kishore Vyapaar Private Limited (Corporate Debtor) seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was filed due to the Corporate Debtor's failure to repay an inter-corporate deposit. The Financial Creditor claimed a default of Rs. 26,42,583/- including interest. The Corporate Debtor did not appear despite multiple notices and opportunities.
Onemax Yarn Merchants Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Nandlal Kamal Kishore Vyapaar Private Limited (Corporate Debtor) due to a default on an inter-corporate deposit. On 08.12.2015, the Financial Creditor advanced Rs. 25,00,000/- to the Corporate Debtor, which was acknowledged via a money receipt. The repayment was due on 01.04.2019, but it was renewed for three months with a post-dated cheque dated 01.07.2019. This cheque was returned due to 'insufficient funds'. The Financial Creditor claimed a total outstanding amount of Rs. 26,42,583/-, including interest at 12% p.a. from the date of default, 01.07.2019. Despite multiple notices, the Corporate Debtor failed to appear before
…Financial Creditor advanced an…
The total outs…