Ms. Sunaini Gupta, claiming to be a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. Southend Infrastructures Private Limited, the corporate debtor. The financial creditor granted a loan of Rs. 3,00,00,000 to the corporate debtor, disbursed through three RTGS transactions in September and October 2013. The loan was to be repaid with 18% interest per annum within 12 months. The corporate debtor failed to honor this commitment. The financial creditor issued notices in August 2016 recalling the loan facilities. The financial creditor also filed three separate suits for recovery before the District and Session Judge, South Saket District
…Ms. Sunaini Gupta (Financial Creditor) claimed that M/s. Southend Infrastructures Private Limited (Corporate Debtor) defaulted on a loan of Rs. 3,00,00,000. The loan was disbursed via RTGS in three installments on 11.09.2013, 25.09.2013, and 10.10.2013. The agreed interest rate was 18% per annum, repayable within 12 months. The Corporate Debtor failed to repay the loan. Ms. Gupta issued notices on 19.08.2016 to the Corporate Debtor recalling the loan. She also filed three separate recovery suits. The Corporate Debtor argued that the claim was not a 'financial debt', lacked consideration for time value of money, and was barred by limitation. The Corporate Debtor also cited pending legal proceedings and interim orders from the Delhi High Court and Supreme Court related
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First RTGS tra…
Second RTGS tra…
Ms. Sunaini Gupta, claiming to be a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. Southend Infrastructures Private Limited, the corporate debtor. The financial creditor granted a loan of Rs. 3,00,00,000 to the corporate debtor, disbursed through three RTGS transactions in September and October 2013. The loan was to be repaid with 18% interest per annum within 12 months. The corporate debtor failed to honor this commitment. The financial creditor issued notices in August 2016 recalling the loan facilities. The financial creditor also filed three separate suits for recovery before the District and Session Judge, South Saket District
…Ms. Sunaini Gupta (Financial Creditor) claimed that M/s. Southend Infrastructures Private Limited (Corporate Debtor) defaulted on a loan of Rs. 3,00,00,000. The loan was disbursed via RTGS in three installments on 11.09.2013, 25.09.2013, and 10.10.2013. The agreed interest rate was 18% per annum, repayable within 12 months. The Corporate Debtor failed to repay the loan. Ms. Gupta issued notices on 19.08.2016 to the Corporate Debtor recalling the loan. She also filed three separate recovery suits. The Corporate Debtor argued that the claim was not a 'financial debt', lacked consideration for time value of money, and was barred by limitation. The Corporate Debtor also cited pending legal proceedings and interim orders from the Delhi High Court and Supreme Court related
…First RTGS tra…
Second RTGS tra…