The case involves a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Prabina O. Sharma, the Financial Creditor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Surya Landmark Developers Private Limited, the Corporate Debtor. The default in payment amounts to Rs 2,43,89,160/-, comprising principal and interest. The Financial Creditor claims the default occurred on 11th January 2019, relating to a loan provided for three years starting 11th January 2016. The Corporate Debtor argues the petition is barred by limitation, no financial debt is due, and the Financial Creditor doesn't meet the minimum threshold for allottees under Section 7 of IBC.
Prabina O. Sharma, the Financial Creditor, filed a Company Petition under Section 7 of the IBC against Surya Landmark Developers Private Limited, the Corporate Debtor, due to a default in payment of Rs 2,43,89,160/-. This amount includes a principal loan of Rs 95,00,000/- and Rs 1,48,89,160/- in interest, accruing at 2% per month as per an agreement. The Financial Creditor claims the default occurred on January 11, 2019, for a loan provided on January 11, 2016, for a period of three years. The Corporate Debtor is a public company incorporated on December 3, 2008. The Financial Creditor transferred Rs 90,00,000/- to the Corporate Debtor on January 11, 2016, and a further Rs 5,00,000/- on March 8, 2016, totaling Rs 95,00,000/-. As security, the Corporate Debtor executed
…Sign in to view the parties.
Surya Landmark…
Financial Creditor…
The case involves a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Prabina O. Sharma, the Financial Creditor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Surya Landmark Developers Private Limited, the Corporate Debtor. The default in payment amounts to Rs 2,43,89,160/-, comprising principal and interest. The Financial Creditor claims the default occurred on 11th January 2019, relating to a loan provided for three years starting 11th January 2016. The Corporate Debtor argues the petition is barred by limitation, no financial debt is due, and the Financial Creditor doesn't meet the minimum threshold for allottees under Section 7 of IBC.
Prabina O. Sharma, the Financial Creditor, filed a Company Petition under Section 7 of the IBC against Surya Landmark Developers Private Limited, the Corporate Debtor, due to a default in payment of Rs 2,43,89,160/-. This amount includes a principal loan of Rs 95,00,000/- and Rs 1,48,89,160/- in interest, accruing at 2% per month as per an agreement. The Financial Creditor claims the default occurred on January 11, 2019, for a loan provided on January 11, 2016, for a period of three years. The Corporate Debtor is a public company incorporated on December 3, 2008. The Financial Creditor transferred Rs 90,00,000/- to the Corporate Debtor on January 11, 2016, and a further Rs 5,00,000/- on March 8, 2016, totaling Rs 95,00,000/-. As security, the Corporate Debtor executed
…Surya Landmark…
Financial Creditor…