This case involves an application filed by Mrs. Prafulla Shah, the wife of the late Prakash G. Shah, who was the original financial creditor, 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 the Corporate Insolvency Resolution Process (CIRP) due to a default of ₹39,28,109/- inclusive of interest. The financial creditor had granted a loan of ₹30,00,000/- to the corporate debtor, and after the creditor's death, his wife, Mrs. Prafulla Shah, filed the application based on a Will authorizing her to recover the loans.
Mrs. Prafulla Shah, the wife of the late Prakash G. Shah, filed an application against Sunshine Technobuild Pvt. Ltd. under Section 7 of the I&B Code, 2016, seeking to initiate CIRP due to a default of ₹39,28,109/-. The original financial creditor, Prakash G. Shah, granted a loan of ₹30,00,000/- to the corporate debtor. Prakash G. Shah passed away on 08.08.2017. Mrs. Prafulla Shah is authorized by Prakash G. Shah's Will dated 02.02.2017 to recover the loans. The corporate debtor paid interest until 30.09.2016 but defaulted thereafter. The corporate debtor argued that the application is barred by limitation and that Mrs. Shah lacks a valid Probate. The applicant filed a Testamentary Petition to obtain Probate. The NCLT found that the debt and default were
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Prakash G. Shah…
This case involves an application filed by Mrs. Prafulla Shah, the wife of the late Prakash G. Shah, who was the original financial creditor, 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 the Corporate Insolvency Resolution Process (CIRP) due to a default of ₹39,28,109/- inclusive of interest. The financial creditor had granted a loan of ₹30,00,000/- to the corporate debtor, and after the creditor's death, his wife, Mrs. Prafulla Shah, filed the application based on a Will authorizing her to recover the loans.
Mrs. Prafulla Shah, the wife of the late Prakash G. Shah, filed an application against Sunshine Technobuild Pvt. Ltd. under Section 7 of the I&B Code, 2016, seeking to initiate CIRP due to a default of ₹39,28,109/-. The original financial creditor, Prakash G. Shah, granted a loan of ₹30,00,000/- to the corporate debtor. Prakash G. Shah passed away on 08.08.2017. Mrs. Prafulla Shah is authorized by Prakash G. Shah's Will dated 02.02.2017 to recover the loans. The corporate debtor paid interest until 30.09.2016 but defaulted thereafter. The corporate debtor argued that the application is barred by limitation and that Mrs. Shah lacks a valid Probate. The applicant filed a Testamentary Petition to obtain Probate. The NCLT found that the debt and default were
…The original f…
Prakash G. Shah…