V.R. Polyfab Private Limited, claiming to be a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against Sadbhav Enterprise Private Limited, categorizing it as a 'Corporate Debtor'. The applicant had advanced unsecured loans to the respondent starting in 2014. The respondent failed to pay an amount of Rs. 4,47,85,703/- with 9% interest despite repeated reminders. The respondent raised objections, including the claim that the debt does not fall within the definition of 'financial debt' and that there are related party transactions.
V.R. Polyfab Private Limited (the Applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against Sadbhav Enterprise Private Limited (the Respondent), claiming to be a Financial Creditor. The Applicant advanced unsecured loans to the Respondent starting in 2014. The initial loan was Rs. 90,00,000 on 2014-06-09. Further loans were given during the financial year 2014-15, totaling Rs. 3,03,60,000. The Respondent deducted TDS on the interest payable on the debt. The Applicant gave an additional Rs. 1,62,97,000 towards an unsecured loan in the year ended 2016-03-31. The Respondent repaid Rs. 1,50,00,000 in the year 2015-16. The Applicant gave another Rs. 83,87,500 in the year ended
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Applicant advanced a…
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V.R. Polyfab Private Limited, claiming to be a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against Sadbhav Enterprise Private Limited, categorizing it as a 'Corporate Debtor'. The applicant had advanced unsecured loans to the respondent starting in 2014. The respondent failed to pay an amount of Rs. 4,47,85,703/- with 9% interest despite repeated reminders. The respondent raised objections, including the claim that the debt does not fall within the definition of 'financial debt' and that there are related party transactions.
V.R. Polyfab Private Limited (the Applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against Sadbhav Enterprise Private Limited (the Respondent), claiming to be a Financial Creditor. The Applicant advanced unsecured loans to the Respondent starting in 2014. The initial loan was Rs. 90,00,000 on 2014-06-09. Further loans were given during the financial year 2014-15, totaling Rs. 3,03,60,000. The Respondent deducted TDS on the interest payable on the debt. The Applicant gave an additional Rs. 1,62,97,000 towards an unsecured loan in the year ended 2016-03-31. The Respondent repaid Rs. 1,50,00,000 in the year 2015-16. The Applicant gave another Rs. 83,87,500 in the year ended
…Applicant advanced a…
Applicant advanced…