The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by M. Rafi (Financial Creditor) against M/s. Spectrum Hi-Style Shoppers Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The applicant claimed to have given a loan of Rs. 1,71,00,000 to the corporate debtor, with the last disbursement on 23.07.2018. The applicant further stated that the amount due, including interest, was Rs. 1,96,93,316.74, and a cheque issued by the corporate debtor for Rs. 1,71,00,000 was dishonored.
M. Rafi filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Spectrum Hi-Style Shoppers Private Limited, seeking to initiate CIRP. Rafi claimed to have disbursed a loan of Rs. 1,71,00,000 to the Corporate Debtor, with the last disbursement on 23.07.2018. The total amount due, including interest, was stated to be Rs. 1,96,93,316.74. A cheque for Rs. 1,71,00,000 issued by the Corporate Debtor was dishonored. The applicant provided worksheet details of disbursement from 16.12.2017 to 23.07.2018, and claimed interest payments of Rs. 49,27,000. The applicant provided details of five different bank accounts from which the payments were allegedly made. However, the applicant's name was not reflected in any of these accounts, and the
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Application IBA/168/2020…
Last date of disbursemen…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by M. Rafi (Financial Creditor) against M/s. Spectrum Hi-Style Shoppers Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The applicant claimed to have given a loan of Rs. 1,71,00,000 to the corporate debtor, with the last disbursement on 23.07.2018. The applicant further stated that the amount due, including interest, was Rs. 1,96,93,316.74, and a cheque issued by the corporate debtor for Rs. 1,71,00,000 was dishonored.
M. Rafi filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Spectrum Hi-Style Shoppers Private Limited, seeking to initiate CIRP. Rafi claimed to have disbursed a loan of Rs. 1,71,00,000 to the Corporate Debtor, with the last disbursement on 23.07.2018. The total amount due, including interest, was stated to be Rs. 1,96,93,316.74. A cheque for Rs. 1,71,00,000 issued by the Corporate Debtor was dishonored. The applicant provided worksheet details of disbursement from 16.12.2017 to 23.07.2018, and claimed interest payments of Rs. 49,27,000. The applicant provided details of five different bank accounts from which the payments were allegedly made. However, the applicant's name was not reflected in any of these accounts, and the
…Application IBA/168/2020…
Last date of disbursemen…