Magnate Industries LLP, the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against Safal Developers Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total default of Rs.29,68,04,589/-, which included a pending Refundable Security Deposit of Rs.25,00,00,000/- and pending Interest Amount of Rs.4,68,04,589/-. The Date of Default as mentioned in the Part IV (2) of Form 1 of the Petition is 07.08.2019. A Memorandum of Understanding (‘MOU’) was executed between the Petitioner and the Respondent, where the Petitioner was to arrange third party capital required by the Respondent and Harmony to meet certain costs
…Magnate Industries LLP (Financial Creditor) filed an application under Section 7 of the IBC against Safal Developers Private Limited (Corporate Debtor) to initiate CIRP, claiming a default of Rs.29,68,04,589/-. This amount included a refundable security deposit of Rs.25 crore and pending interest of Rs.4,68,04,589/-. The default date was stated as 07.08.2019. A Memorandum of Understanding (MOU) was established where Magnate Industries was to arrange third-party capital for Safal Developers' redevelopment project, advancing Rs.25 crore as a refundable security deposit. Safal Developers issued two cheques for repayment, which were later dishonored. Safal Developers argued that no 'debt' existed under the IBC, the MOU was unstamped, and the security deposit wasn't a
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The sum of Rs.25 crore was paid by the…
The Financial Creditor…
Magnate Industries LLP, the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against Safal Developers Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total default of Rs.29,68,04,589/-, which included a pending Refundable Security Deposit of Rs.25,00,00,000/- and pending Interest Amount of Rs.4,68,04,589/-. The Date of Default as mentioned in the Part IV (2) of Form 1 of the Petition is 07.08.2019. A Memorandum of Understanding (‘MOU’) was executed between the Petitioner and the Respondent, where the Petitioner was to arrange third party capital required by the Respondent and Harmony to meet certain costs
…Magnate Industries LLP (Financial Creditor) filed an application under Section 7 of the IBC against Safal Developers Private Limited (Corporate Debtor) to initiate CIRP, claiming a default of Rs.29,68,04,589/-. This amount included a refundable security deposit of Rs.25 crore and pending interest of Rs.4,68,04,589/-. The default date was stated as 07.08.2019. A Memorandum of Understanding (MOU) was established where Magnate Industries was to arrange third-party capital for Safal Developers' redevelopment project, advancing Rs.25 crore as a refundable security deposit. Safal Developers issued two cheques for repayment, which were later dishonored. Safal Developers argued that no 'debt' existed under the IBC, the MOU was unstamped, and the security deposit wasn't a
…The sum of Rs.25 crore was paid by the…
The Financial Creditor…