Jhaveri Trading & Investment Pvt. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking reliefs under Section 7(5)(a) and Section 13(1)(a)(b)(c) of the Code. The case involves a financial debt owed by Oasis Textiles Ltd. to Jhaveri Trading & Investment Pvt. Ltd. arising from an Inter Corporate Deposit agreement.
Jhaveri Trading & Investment Pvt. Ltd. (JTIPL) filed a petition against Oasis Textiles Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. Oasis Textiles Ltd. borrowed Rs. 1,23,50,000 from JTIPL via an Inter Corporate Deposit, with an agreement dated 2017-03-09. The repayment schedule included installments due on 2017-04-08, 2017-05-08, and 2017-06-07, with interest at 12% per annum. Oasis Textiles also executed a demand promissory note dated 2017-03-10. JTIPL provided evidence of the debt through bank statements. Oasis Textiles requested JTIPL not to transfer a cheque dated 2017-04-08. JTIPL issued a notice on 2017-05-09 demanding repayment, which Oasis Textiles failed to honor. JTIPL proposed Mr. Umesh Harjivandas Ved as the Interim Resolution
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The Insolven…
Jhaveri Trading & Investment Pvt. Ltd. and…
Jhaveri Trading & Investment Pvt. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking reliefs under Section 7(5)(a) and Section 13(1)(a)(b)(c) of the Code. The case involves a financial debt owed by Oasis Textiles Ltd. to Jhaveri Trading & Investment Pvt. Ltd. arising from an Inter Corporate Deposit agreement.
Jhaveri Trading & Investment Pvt. Ltd. (JTIPL) filed a petition against Oasis Textiles Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. Oasis Textiles Ltd. borrowed Rs. 1,23,50,000 from JTIPL via an Inter Corporate Deposit, with an agreement dated 2017-03-09. The repayment schedule included installments due on 2017-04-08, 2017-05-08, and 2017-06-07, with interest at 12% per annum. Oasis Textiles also executed a demand promissory note dated 2017-03-10. JTIPL provided evidence of the debt through bank statements. Oasis Textiles requested JTIPL not to transfer a cheque dated 2017-04-08. JTIPL issued a notice on 2017-05-09 demanding repayment, which Oasis Textiles failed to honor. JTIPL proposed Mr. Umesh Harjivandas Ved as the Interim Resolution
…The Insolven…
Jhaveri Trading & Investment Pvt. Ltd. and…