The case involves an application filed by a financial creditor, CH Mani Kumar, against a corporate debtor, Shiva Medicare Limited, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The financial creditor claims a default on a financial debt of Rs. 4,49,950/- plus interest, totaling Rs. 14,33,476/-. The corporate debtor disputes the claim, citing limitation and lack of proper records due to a change in management and shifting of the registered office. The corporate debtor acknowledged the principal amount but contested the interest payable.
CH Mani Kumar, a financial creditor, filed an application against Shiva Medicare Limited, a corporate debtor, under Section 7 of the IBC, 2016, claiming a default on a financial debt. The debt originated from a loan of Rs. 4,49,950/- lent on 17.10.2012, with an agreed interest rate of 18% per annum. The total amount due, including interest up to 30.10.2018, was Rs. 14,33,476/-. The corporate debtor acknowledged the principal amount in a letter dated 20.10.2012 and further confirmed the borrowed amount in a communication dated 01.10.2016, while also admitting its inability to pay the interest. The corporate debtor had requested a No Objection Certificate (NOC) from the financial creditor for a scheme of capital reduction, which was granted on 10.07.2014. The corporate
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Shiva Medicare…
Rs. 4,49,950/-…
The case involves an application filed by a financial creditor, CH Mani Kumar, against a corporate debtor, Shiva Medicare Limited, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The financial creditor claims a default on a financial debt of Rs. 4,49,950/- plus interest, totaling Rs. 14,33,476/-. The corporate debtor disputes the claim, citing limitation and lack of proper records due to a change in management and shifting of the registered office. The corporate debtor acknowledged the principal amount but contested the interest payable.
CH Mani Kumar, a financial creditor, filed an application against Shiva Medicare Limited, a corporate debtor, under Section 7 of the IBC, 2016, claiming a default on a financial debt. The debt originated from a loan of Rs. 4,49,950/- lent on 17.10.2012, with an agreed interest rate of 18% per annum. The total amount due, including interest up to 30.10.2018, was Rs. 14,33,476/-. The corporate debtor acknowledged the principal amount in a letter dated 20.10.2012 and further confirmed the borrowed amount in a communication dated 01.10.2016, while also admitting its inability to pay the interest. The corporate debtor had requested a No Objection Certificate (NOC) from the financial creditor for a scheme of capital reduction, which was granted on 10.07.2014. The corporate
…Shiva Medicare…
Rs. 4,49,950/-…