Prafulla Shah, the petitioner, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking the Corporate Insolvency Resolution Process (CIRP) of Safetec Healthcare & Hygiene Pvt. Ltd., the Corporate Debtor. The application was based on the Corporate Debtor's alleged default in repaying a loan originally granted by the petitioner's deceased husband, Mr. Prakash G. Shah. The Corporate Debtor had executed promissory notes in favor of the deceased for the loan amount. After the death of the original creditor, his wife, Prafulla Shah, filed the petition.
Mr. Prakash G. Shah, the deceased husband of the petitioner Prafulla Shah, granted a loan of Rs. 50,00,000/- to Safetec Healthcare & Hygiene Pvt. Ltd., the Corporate Debtor, around May 2013. The Corporate Debtor executed a promissory note dated 28/06/2013 for Rs. 50,00,000/- with interest at 1% per month. The Corporate Debtor paid Rs. 3,20,000/- as interest on 01/02/2014 for the period from 19/06/2013 to 31/03/2014. Another promissory note dated 25/05/2016 was executed. A demand notice dated 10/10/2018 was sent to the Corporate Debtor for Rs. 71,15,616/-, including principal and interest. The Corporate Debtor did not reply to the demand notice or make any payment. The total amount claimed to be in default is Rs. 80,49,315/-, including principal and interest till
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Director of Corporate…
Promissory note for Rs.…
Prafulla Shah, the petitioner, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking the Corporate Insolvency Resolution Process (CIRP) of Safetec Healthcare & Hygiene Pvt. Ltd., the Corporate Debtor. The application was based on the Corporate Debtor's alleged default in repaying a loan originally granted by the petitioner's deceased husband, Mr. Prakash G. Shah. The Corporate Debtor had executed promissory notes in favor of the deceased for the loan amount. After the death of the original creditor, his wife, Prafulla Shah, filed the petition.
Mr. Prakash G. Shah, the deceased husband of the petitioner Prafulla Shah, granted a loan of Rs. 50,00,000/- to Safetec Healthcare & Hygiene Pvt. Ltd., the Corporate Debtor, around May 2013. The Corporate Debtor executed a promissory note dated 28/06/2013 for Rs. 50,00,000/- with interest at 1% per month. The Corporate Debtor paid Rs. 3,20,000/- as interest on 01/02/2014 for the period from 19/06/2013 to 31/03/2014. Another promissory note dated 25/05/2016 was executed. A demand notice dated 10/10/2018 was sent to the Corporate Debtor for Rs. 71,15,616/-, including principal and interest. The Corporate Debtor did not reply to the demand notice or make any payment. The total amount claimed to be in default is Rs. 80,49,315/-, including principal and interest till
…Director of Corporate…
Promissory note for Rs.…