The case involves a petition filed by Gannon Dunkerley & Co. Ltd. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sangeeta Aviation Services Private Limited (Corporate Debtor). The Financial Creditor claims that the Corporate Debtor defaulted on payments. The petition is based on a decree obtained from the Bombay High Court for a sum of Rs. 1,32,25,753/-.
Gannon Dunkerley & Co. Ltd. (Financial Creditor) provided financial assistance to Sangeeta Aviation Services Private Limited (Corporate Debtor) in May 2017 and on 22.03.2017. As part of repayment, the Corporate Debtor executed two bills of exchange for Rs. 50 lacs each, due on 22.06.2017 and 14.05.2018. Upon the Corporate Debtor's failure to repay, the Financial Creditor approached the Bombay High Court, which passed an order for payment of Rs. 1 crore plus interest, totaling Rs. 1,21,71,242/-, and costs of Rs. 5.20 Lacs. As of the date of the petition, the total amount due was Rs. 1,32,25,753/-. Even after the High Court's order, the Corporate Debtor failed to make the payment. The Corporate Debtor argued that the claim is based on a decree and lacks the essential
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The case involves a petition filed by Gannon Dunkerley & Co. Ltd. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sangeeta Aviation Services Private Limited (Corporate Debtor). The Financial Creditor claims that the Corporate Debtor defaulted on payments. The petition is based on a decree obtained from the Bombay High Court for a sum of Rs. 1,32,25,753/-.
Gannon Dunkerley & Co. Ltd. (Financial Creditor) provided financial assistance to Sangeeta Aviation Services Private Limited (Corporate Debtor) in May 2017 and on 22.03.2017. As part of repayment, the Corporate Debtor executed two bills of exchange for Rs. 50 lacs each, due on 22.06.2017 and 14.05.2018. Upon the Corporate Debtor's failure to repay, the Financial Creditor approached the Bombay High Court, which passed an order for payment of Rs. 1 crore plus interest, totaling Rs. 1,21,71,242/-, and costs of Rs. 5.20 Lacs. As of the date of the petition, the total amount due was Rs. 1,32,25,753/-. Even after the High Court's order, the Corporate Debtor failed to make the payment. The Corporate Debtor argued that the claim is based on a decree and lacks the essential
…Financial Creditor…
Financial Creditor…