The case originates from a petition filed by Mr. Satish Sadashiv Rane, a Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Shah Group Builders Limited, the Corporate Debtor. The Financial Creditor claimed a financial debt of ₹6,09,11,309/-, which includes principal, interest, and unpaid amounts accrued on a home loan account. The Corporate Debtor allegedly defaulted on repayments, leading the Financial Creditor to file the petition. The Corporate Debtor raised objections, including the validity of the Power of Attorney used by the Financial Creditor and the claim being barred by limitation.
Mr. Satish Sadashiv Rane, the Financial Creditor, filed a petition against M/s. Shah Group Builders Limited, the Corporate Debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016. The Financial Creditor claimed a financial debt of ₹6,09,11,309/-, comprising principal, interest, and unpaid amounts accrued on a home loan account. The Corporate Debtor allegedly approached the Financial Creditor through its Directors and represented that it was a company incorporated under the Companies Act, 1956. The Corporate Debtor induced the Financial Creditor to initiate deposits with the Corporate Debtor on the basis of an assured return scheme. The Corporate Debtor allegedly accepted deposits from the Financial Creditor from 2012 to April 2014, totaling
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The case originates from a petition filed by Mr. Satish Sadashiv Rane, a Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Shah Group Builders Limited, the Corporate Debtor. The Financial Creditor claimed a financial debt of ₹6,09,11,309/-, which includes principal, interest, and unpaid amounts accrued on a home loan account. The Corporate Debtor allegedly defaulted on repayments, leading the Financial Creditor to file the petition. The Corporate Debtor raised objections, including the validity of the Power of Attorney used by the Financial Creditor and the claim being barred by limitation.
Mr. Satish Sadashiv Rane, the Financial Creditor, filed a petition against M/s. Shah Group Builders Limited, the Corporate Debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016. The Financial Creditor claimed a financial debt of ₹6,09,11,309/-, comprising principal, interest, and unpaid amounts accrued on a home loan account. The Corporate Debtor allegedly approached the Financial Creditor through its Directors and represented that it was a company incorporated under the Companies Act, 1956. The Corporate Debtor induced the Financial Creditor to initiate deposits with the Corporate Debtor on the basis of an assured return scheme. The Corporate Debtor allegedly accepted deposits from the Financial Creditor from 2012 to April 2014, totaling
…A Petition is filed in…
The case was h…