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 amounted to Rs 2,43,89,160/-, comprising principal and interest. The Financial Creditor claims the default occurred on 11th January 2019, for a loan provided for 3 years starting 11th January 2016. The Corporate Debtor argued the petition was barred by limitation, no financial debt was due, and the Financial Creditor did not meet the minimum threshold for allottees under Section 7 of the IBC.
Prabina O. Sharma (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Surya Landmark Developers Private Limited (Corporate Debtor). The Financial Creditor claimed a default of Rs 2,43,89,160/-, including principal and interest, with the default occurring on 11th January 2019. The loan was provided on 11th January 2016, for a period of 3 years. The Corporate Debtor argued the petition was barred by limitation, no financial debt existed, and the Financial Creditor didn't meet the threshold for allottees under Section 7 of the IBC. The Corporate Debtor also mortgaged a flat as security for the loan, but the flat was not constructed. The Financial
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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 amounted to Rs 2,43,89,160/-, comprising principal and interest. The Financial Creditor claims the default occurred on 11th January 2019, for a loan provided for 3 years starting 11th January 2016. The Corporate Debtor argued the petition was barred by limitation, no financial debt was due, and the Financial Creditor did not meet the minimum threshold for allottees under Section 7 of the IBC.
Prabina O. Sharma (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Surya Landmark Developers Private Limited (Corporate Debtor). The Financial Creditor claimed a default of Rs 2,43,89,160/-, including principal and interest, with the default occurring on 11th January 2019. The loan was provided on 11th January 2016, for a period of 3 years. The Corporate Debtor argued the petition was barred by limitation, no financial debt existed, and the Financial Creditor didn't meet the threshold for allottees under Section 7 of the IBC. The Corporate Debtor also mortgaged a flat as security for the loan, but the flat was not constructed. The Financial
…Financial Creditor…
Financial Creditor…