The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by M/s. Sagu India Holding Ltd. (Financial Creditor) against Sri Ganesh Sponge Iron Pvt. Ltd. (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed that the corporate debtor defaulted in paying an amount of Rs. 8,94,73,161/-. The dispute arose from an investment agreement dated 27.07.2011, where the financial creditor agreed to purchase shares of the corporate debtor. The corporate debtor allegedly failed to transfer the shares despite receiving the consideration amount. An arbitration award was passed in favor of the financial creditor, which the corporate debtor challenged.
On 2011-07-27, Sagu India Holding Ltd. (Financial Creditor) and Sri Ganesh Sponge Iron Pvt. Ltd. (Corporate Debtor) entered into an investment agreement where the Financial Creditor agreed to purchase 56.47% of the Corporate Debtor's shares for Rs. 48,00,07,999. The payment was made through RTGS. The Corporate Debtor was required to submit FC-TRS forms as it was a foreign investment, but these forms were never submitted. The Financial Creditor sent a notice on 2012-02-17 to the Corporate Debtor to transfer the shares. The Corporate Debtor contended that the Financial Creditor had already taken charge of the factory. The Financial Creditor filed an arbitration petition in the District Court of Keonjhar, Odisha, which referred the dispute to a Sole Arbitrator. On
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The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by M/s. Sagu India Holding Ltd. (Financial Creditor) against Sri Ganesh Sponge Iron Pvt. Ltd. (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed that the corporate debtor defaulted in paying an amount of Rs. 8,94,73,161/-. The dispute arose from an investment agreement dated 27.07.2011, where the financial creditor agreed to purchase shares of the corporate debtor. The corporate debtor allegedly failed to transfer the shares despite receiving the consideration amount. An arbitration award was passed in favor of the financial creditor, which the corporate debtor challenged.
On 2011-07-27, Sagu India Holding Ltd. (Financial Creditor) and Sri Ganesh Sponge Iron Pvt. Ltd. (Corporate Debtor) entered into an investment agreement where the Financial Creditor agreed to purchase 56.47% of the Corporate Debtor's shares for Rs. 48,00,07,999. The payment was made through RTGS. The Corporate Debtor was required to submit FC-TRS forms as it was a foreign investment, but these forms were never submitted. The Financial Creditor sent a notice on 2012-02-17 to the Corporate Debtor to transfer the shares. The Corporate Debtor contended that the Financial Creditor had already taken charge of the factory. The Financial Creditor filed an arbitration petition in the District Court of Keonjhar, Odisha, which referred the dispute to a Sole Arbitrator. On
…Financial creditor and corporate debtor entered…
Financial creditor sent…