The case involves an application filed by Mr. Nipun Thakkar (sole proprietor of M/s Ami Corporation) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shivam Parivar Developers Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The applicant claimed a default of ₹7,44,80,000/- including interest at 12% p.a. as on 31.12.2018. The applicant had advanced ₹3,74,38,800/- between 2009-2010 for a joint venture, which did not materialize. The corporate debtor made a part payment of ₹1,50,00,000/- on 28.08.2010 and later issued a Letter of Understanding on 31.12.2017 to pay the balance. The corporate debtor failed to adhere to the agreements and pay the debt amount before 31.12.2018.
Mr. Nipun Thakkar, the financial creditor, advanced ₹3,74,38,800 to Shivam Parivar Developers Private Limited, the corporate debtor, between 2009 and 2010, anticipating a joint venture. This venture did not materialize. The corporate debtor made a partial payment of ₹1,50,00,000 on August 28, 2010. Subsequently, on December 31, 2017, the corporate debtor issued a Letter of Understanding, confirming and undertaking to pay the balance amount of ₹6,65,00,000, inclusive of interest, within 180 days. The corporate debtor failed to repay the debt within the stipulated time. On July 4, 2018, the applicant demanded payment of ₹6,65,00,000 plus interest. A Supplemental Letter of Understanding, dated July 16, 2018, extended the payment date by six months to December 31, 2018,
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Mr. Nipun Thakkar advanced ₹3,74,38,800 to…
Shivam Parivar Developers Private Limited made…
The case involves an application filed by Mr. Nipun Thakkar (sole proprietor of M/s Ami Corporation) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shivam Parivar Developers Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The applicant claimed a default of ₹7,44,80,000/- including interest at 12% p.a. as on 31.12.2018. The applicant had advanced ₹3,74,38,800/- between 2009-2010 for a joint venture, which did not materialize. The corporate debtor made a part payment of ₹1,50,00,000/- on 28.08.2010 and later issued a Letter of Understanding on 31.12.2017 to pay the balance. The corporate debtor failed to adhere to the agreements and pay the debt amount before 31.12.2018.
Mr. Nipun Thakkar, the financial creditor, advanced ₹3,74,38,800 to Shivam Parivar Developers Private Limited, the corporate debtor, between 2009 and 2010, anticipating a joint venture. This venture did not materialize. The corporate debtor made a partial payment of ₹1,50,00,000 on August 28, 2010. Subsequently, on December 31, 2017, the corporate debtor issued a Letter of Understanding, confirming and undertaking to pay the balance amount of ₹6,65,00,000, inclusive of interest, within 180 days. The corporate debtor failed to repay the debt within the stipulated time. On July 4, 2018, the applicant demanded payment of ₹6,65,00,000 plus interest. A Supplemental Letter of Understanding, dated July 16, 2018, extended the payment date by six months to December 31, 2018,
…Mr. Nipun Thakkar advanced ₹3,74,38,800 to…
Shivam Parivar Developers Private Limited made…