Gajendra Investments Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Satra Property Developers Private Limited, claiming default on a principal amount of Rs. 15,76,00,000/- between September 2017 and September 2018, along with interest. The Financial Creditor claimed a total amount of Rs. 18,86,53,658/- as of 18.10.2019. The Corporate Debtor contested the petition, arguing the absence of a financial contract and disputing the nature of the transaction as a loan. The Adjudicating Authority considered the arguments and evidence presented by both parties.
Gajendra Investments Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Satra Property Developers Private Limited (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that it had lent Rs. 15,76,00,000/- to the Corporate Debtor in 11 installments between September 2017 and September 2018. The Corporate Debtor allegedly defaulted on payments, leading to a total claim of Rs. 18,86,53,658/- as of 18.10.2019, including interest. The Financial Creditor submitted bank statements, emails, and the Corporate Debtor's financial statements as evidence. The Corporate Debtor argued that there was no financial contract, and the funds were advanced
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The Financial Creditor…
The Financial Creditor…
Gajendra Investments Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Satra Property Developers Private Limited, claiming default on a principal amount of Rs. 15,76,00,000/- between September 2017 and September 2018, along with interest. The Financial Creditor claimed a total amount of Rs. 18,86,53,658/- as of 18.10.2019. The Corporate Debtor contested the petition, arguing the absence of a financial contract and disputing the nature of the transaction as a loan. The Adjudicating Authority considered the arguments and evidence presented by both parties.
Gajendra Investments Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Satra Property Developers Private Limited (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that it had lent Rs. 15,76,00,000/- to the Corporate Debtor in 11 installments between September 2017 and September 2018. The Corporate Debtor allegedly defaulted on payments, leading to a total claim of Rs. 18,86,53,658/- as of 18.10.2019, including interest. The Financial Creditor submitted bank statements, emails, and the Corporate Debtor's financial statements as evidence. The Corporate Debtor argued that there was no financial contract, and the funds were advanced
…The Financial Creditor…
The Financial Creditor…