Vivek Gupta, the Financial Creditor/Petitioner, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Proactive Plast Pvt. Ltd., the Corporate Debtor/Respondent, seeking to initiate Corporate Insolvency Resolution Process (CIRP) based on non-payment of debt. The Financial Creditor claimed that a sum of Rs. 1,81,00,000/- was given as a loan to the Corporate Debtor, repayable on demand with 18% interest per annum. The Corporate Debtor argued that the amount was not a loan but an unsecured, interest-free contribution towards margin money for securing a loan from Canara Bank, and that the Financial Creditor was also a shareholder and director of the company.
Vivek Gupta (Financial Creditor) claimed to have given Rs. 1,81,00,000/- as a loan to M/s Proactive Plast Pvt. Ltd. (Corporate Debtor), repayable on demand with 18% interest. The Financial Creditor was also a director in the Respondent company until 2015 and a shareholder holding .07% equity. The Corporate Debtor argued that the amount was not a loan but an unsecured, interest-free contribution towards margin money required by Canara Bank for a term loan of Rs. 14.2 crores. All six promoters, including the Financial Creditor, provided interest-free unsecured loans. The Financial Creditor also provided a personal guarantee as collateral security for the bank loan. The Corporate Debtor stated that the Financial Creditor was aware that he was not entitled to claim any
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Vivek Gupta was…
A winding up petition was filed before the…
Vivek Gupta, the Financial Creditor/Petitioner, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Proactive Plast Pvt. Ltd., the Corporate Debtor/Respondent, seeking to initiate Corporate Insolvency Resolution Process (CIRP) based on non-payment of debt. The Financial Creditor claimed that a sum of Rs. 1,81,00,000/- was given as a loan to the Corporate Debtor, repayable on demand with 18% interest per annum. The Corporate Debtor argued that the amount was not a loan but an unsecured, interest-free contribution towards margin money for securing a loan from Canara Bank, and that the Financial Creditor was also a shareholder and director of the company.
Vivek Gupta (Financial Creditor) claimed to have given Rs. 1,81,00,000/- as a loan to M/s Proactive Plast Pvt. Ltd. (Corporate Debtor), repayable on demand with 18% interest. The Financial Creditor was also a director in the Respondent company until 2015 and a shareholder holding .07% equity. The Corporate Debtor argued that the amount was not a loan but an unsecured, interest-free contribution towards margin money required by Canara Bank for a term loan of Rs. 14.2 crores. All six promoters, including the Financial Creditor, provided interest-free unsecured loans. The Financial Creditor also provided a personal guarantee as collateral security for the bank loan. The Corporate Debtor stated that the Financial Creditor was aware that he was not entitled to claim any
…Vivek Gupta was…
A winding up petition was filed before the…