The case involves a Company Petition filed by M/s. Sarwottam Ispat Limited (Financial Creditor) against M/s. Sai Krishnodaya Industries Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed that it had disbursed a loan to the Corporate Debtor, which the Corporate Debtor failed to repay. The Corporate Debtor argued that the petition was barred by limitation and that the debt was related to a sister concern, M/s. Sainath Estates Private Limited. The NCLT is considering whether to admit the petition for Corporate Insolvency Resolution Process (CIRP).
M/s. Sarwottam Ispat Limited (Financial Creditor) filed a petition against M/s. Sai Krishnodaya Industries Private Limited (Corporate Debtor) under Section 7 of the IBC, 2016. The Financial Creditor claimed to have disbursed a loan of Rs. 1,45,00,000/- to the Corporate Debtor in various tranches on 24.03.2013. The total financial debt, including interest, amounted to Rs. 1,55,90,480/-. M/s. Sainath Estates Private Limited, a sister concern of the Corporate Debtor, issued a letter dated 06.09.2016, stating that the loan amount would be paid between October and December 2016. A Memorandum of Understanding (MOU) was executed on 29.11.2017, and M/s. Sainath Estates Private Limited issued two post-dated cheques, which were dishonored due to 'Insufficient Funds'. The
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The Financial Creditor disbursed a loan of Rs.…
M/s. Sainath Estates Private Limited issued a…
The case involves a Company Petition filed by M/s. Sarwottam Ispat Limited (Financial Creditor) against M/s. Sai Krishnodaya Industries Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed that it had disbursed a loan to the Corporate Debtor, which the Corporate Debtor failed to repay. The Corporate Debtor argued that the petition was barred by limitation and that the debt was related to a sister concern, M/s. Sainath Estates Private Limited. The NCLT is considering whether to admit the petition for Corporate Insolvency Resolution Process (CIRP).
M/s. Sarwottam Ispat Limited (Financial Creditor) filed a petition against M/s. Sai Krishnodaya Industries Private Limited (Corporate Debtor) under Section 7 of the IBC, 2016. The Financial Creditor claimed to have disbursed a loan of Rs. 1,45,00,000/- to the Corporate Debtor in various tranches on 24.03.2013. The total financial debt, including interest, amounted to Rs. 1,55,90,480/-. M/s. Sainath Estates Private Limited, a sister concern of the Corporate Debtor, issued a letter dated 06.09.2016, stating that the loan amount would be paid between October and December 2016. A Memorandum of Understanding (MOU) was executed on 29.11.2017, and M/s. Sainath Estates Private Limited issued two post-dated cheques, which were dishonored due to 'Insufficient Funds'. The
…The Financial Creditor disbursed a loan of Rs.…
M/s. Sainath Estates Private Limited issued a…