The petition was 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, by Nand Kishore Parihar, the Financial Creditor, to initiate the Corporate Insolvency Resolution Process (CIRP) against Rajhans Industries Private Limited, the Corporate Debtor. The Financial Creditor, while working as a Director in the Corporate Debtor company, had lent an unsecured loan to the company in his individual capacity. Later, in 2018, the Financial Creditor was removed from the post of directorship. The Financial Creditor raised a demand for the release of the full unsecured loan, but the Corporate Debtor stated its inability to settle the amount due to the non-operation of
…Nand Kishore Parihar, the petitioner, is a financial creditor who filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Rajhans Industries Private Limited, the corporate debtor. The petitioner, while serving as a director in the respondent company, extended an unsecured loan to the company in his individual capacity. Subsequently, in 2018, the petitioner was removed from the directorship. The petitioner issued a notice dated 24.12.2018 demanding the release of the unsecured loan, but the corporate debtor replied on 25.01.2019 stating its inability to settle the amount due to the non-operation of its bank account. The outstanding amount as of 27.07.2019 was ₹29,50,000/-. The
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Rajhans Industries…
Nand Kishore Parihar was removed from the…
The petition was 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, by Nand Kishore Parihar, the Financial Creditor, to initiate the Corporate Insolvency Resolution Process (CIRP) against Rajhans Industries Private Limited, the Corporate Debtor. The Financial Creditor, while working as a Director in the Corporate Debtor company, had lent an unsecured loan to the company in his individual capacity. Later, in 2018, the Financial Creditor was removed from the post of directorship. The Financial Creditor raised a demand for the release of the full unsecured loan, but the Corporate Debtor stated its inability to settle the amount due to the non-operation of
…Nand Kishore Parihar, the petitioner, is a financial creditor who filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Rajhans Industries Private Limited, the corporate debtor. The petitioner, while serving as a director in the respondent company, extended an unsecured loan to the company in his individual capacity. Subsequently, in 2018, the petitioner was removed from the directorship. The petitioner issued a notice dated 24.12.2018 demanding the release of the unsecured loan, but the corporate debtor replied on 25.01.2019 stating its inability to settle the amount due to the non-operation of its bank account. The outstanding amount as of 27.07.2019 was ₹29,50,000/-. The
…Rajhans Industries…
Nand Kishore Parihar was removed from the…