The case pertains to a Company Petition No. 186/2017 filed 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. The petition was filed by M/s. Naviplast Traders Private Limited & Others, representing 10 financial creditors, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. R. G. Shaw & Sons Private Ltd., the Corporate Debtor, due to default in payment of debts.
M/s. Naviplast Traders Private Limited, along with nine other financial creditors, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. R. G. Shaw & Sons Private Ltd., the Corporate Debtor. The total outstanding debt amounted to Rs. 3,17,74,253/-. Each of the ten creditors disbursed varying amounts of debt, ranging from Rs. 10 lakhs to Rs. 50 lakhs, totaling Rs. 3.15 crores. The petitioner filed copies of the Board Resolution authorizing the initiation of CIRP, bank statements, money receipts, dishonored cheques, and letters evidencing receipt of loans by the Corporate Debtor. The Corporate Debtor's counsel argued that the petition was not maintainable because
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The Insolvency and…
Petitioner no.1 passed a resolution to…
The case pertains to a Company Petition No. 186/2017 filed 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. The petition was filed by M/s. Naviplast Traders Private Limited & Others, representing 10 financial creditors, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. R. G. Shaw & Sons Private Ltd., the Corporate Debtor, due to default in payment of debts.
M/s. Naviplast Traders Private Limited, along with nine other financial creditors, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. R. G. Shaw & Sons Private Ltd., the Corporate Debtor. The total outstanding debt amounted to Rs. 3,17,74,253/-. Each of the ten creditors disbursed varying amounts of debt, ranging from Rs. 10 lakhs to Rs. 50 lakhs, totaling Rs. 3.15 crores. The petitioner filed copies of the Board Resolution authorizing the initiation of CIRP, bank statements, money receipts, dishonored cheques, and letters evidencing receipt of loans by the Corporate Debtor. The Corporate Debtor's counsel argued that the petition was not maintainable because
…The Insolvency and…
Petitioner no.1 passed a resolution to…