This case involves an application filed by Mrs. Prafulla Shah, the wife of the late Prakash G. Shah, against Sunshine Technobuild Pvt. Ltd., the Corporate Debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code). The application seeks to initiate Corporate Insolvency Resolution Process (CIRP) due to a default of ₹39,28,109/- inclusive of interest. The financial creditor, Prakash G. Shah, had granted a loan of ₹30,00,000/- to the Corporate Debtor, which the debtor failed to repay. After the death of the financial creditor, his wife, Prafulla Shah, filed the application based on a Will authorizing her to recover the loans.
The late Prakash G. Shah, the original financial creditor, granted a loan of ₹30,00,000 to Sunshine Technobuild Private Limited, the Corporate Debtor, as requested by its director, Mr. Atul Bharani. This loan was disbursed from a joint account held by Prakash G. Shah and his wife, Prafulla Shah, in State Bank of India. A Demand Promissory Note dated 30.01.2014 was issued by the Corporate Debtor. Prakash G. Shah passed away on 08.08.2017. His wife, Prafulla Shah, authorized by his Will dated 02.02.2017, filed an application under Section 7 of the I&B Code, 2016, to initiate CIRP against the Corporate Debtor due to a default of ₹39,28,109, which included interest. The Corporate Debtor paid interest for the financial years 2013-2014, 2014-2015, 2015-2016, and part of
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Demand Promissory Note…
Will dated 02.02.2017…
This case involves an application filed by Mrs. Prafulla Shah, the wife of the late Prakash G. Shah, against Sunshine Technobuild Pvt. Ltd., the Corporate Debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code). The application seeks to initiate Corporate Insolvency Resolution Process (CIRP) due to a default of ₹39,28,109/- inclusive of interest. The financial creditor, Prakash G. Shah, had granted a loan of ₹30,00,000/- to the Corporate Debtor, which the debtor failed to repay. After the death of the financial creditor, his wife, Prafulla Shah, filed the application based on a Will authorizing her to recover the loans.
The late Prakash G. Shah, the original financial creditor, granted a loan of ₹30,00,000 to Sunshine Technobuild Private Limited, the Corporate Debtor, as requested by its director, Mr. Atul Bharani. This loan was disbursed from a joint account held by Prakash G. Shah and his wife, Prafulla Shah, in State Bank of India. A Demand Promissory Note dated 30.01.2014 was issued by the Corporate Debtor. Prakash G. Shah passed away on 08.08.2017. His wife, Prafulla Shah, authorized by his Will dated 02.02.2017, filed an application under Section 7 of the I&B Code, 2016, to initiate CIRP against the Corporate Debtor due to a default of ₹39,28,109, which included interest. The Corporate Debtor paid interest for the financial years 2013-2014, 2014-2015, 2015-2016, and part of
…Demand Promissory Note…
Will dated 02.02.2017…