The case involves an application 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, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against S And A Finman Limited, the Corporate Debtor. The applicant, Viswanatha Balasubramanian, is the Financial Creditor. The Corporate Debtor allegedly defaulted on a loan of Rs. 2,74,98,475 taken from the Financial Creditor, secured by a buy-back arrangement with an assured return of 22%. The Corporate Debtor made payments until September 2017, after which defaults occurred. The respondent argued that the transaction was a sale and purchase agreement, not a loan, and denied any assured return
…Viswanatha Balasubramanian, the applicant, claimed to be a financial creditor of S And A Finman Limited, the corporate debtor. An agreement to sell dated 2014-02-15 was executed between the parties, where the corporate debtor took a loan of Rs. 2,74,98,475 from the applicant. The loan was secured by a collateral security of property under a buy-back arrangement with an assured return of around 22% with quarterly/monthly payments. The respondent made assured return payments until September 2017, but defaulted thereafter. As of 2018-07-31, a total sum of Rs. 4,50,92,692 was claimed to be due. The respondent, S And A Finman Limited, argued that the transaction was a sale and purchase commercial transaction, not a loan, and denied any assured return obligation or
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Agreement to sell executed between Viswanatha…
S And A Finman Limited stopped making…
The case involves an application 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, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against S And A Finman Limited, the Corporate Debtor. The applicant, Viswanatha Balasubramanian, is the Financial Creditor. The Corporate Debtor allegedly defaulted on a loan of Rs. 2,74,98,475 taken from the Financial Creditor, secured by a buy-back arrangement with an assured return of 22%. The Corporate Debtor made payments until September 2017, after which defaults occurred. The respondent argued that the transaction was a sale and purchase agreement, not a loan, and denied any assured return
…Viswanatha Balasubramanian, the applicant, claimed to be a financial creditor of S And A Finman Limited, the corporate debtor. An agreement to sell dated 2014-02-15 was executed between the parties, where the corporate debtor took a loan of Rs. 2,74,98,475 from the applicant. The loan was secured by a collateral security of property under a buy-back arrangement with an assured return of around 22% with quarterly/monthly payments. The respondent made assured return payments until September 2017, but defaulted thereafter. As of 2018-07-31, a total sum of Rs. 4,50,92,692 was claimed to be due. The respondent, S And A Finman Limited, argued that the transaction was a sale and purchase commercial transaction, not a loan, and denied any assured return obligation or
…Agreement to sell executed between Viswanatha…
S And A Finman Limited stopped making…