The case involves an application filed by Mr. Jitendra Kantilal Shah, the Financial Creditor, against Sutlej Housing Private Limited, the Corporate Debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The application stems from a default on a loan provided by the Applicant to the Corporate Debtor as advance consideration for booking flats in a project. The Term Sheet outlined conditions for repayment, including obtaining an IOD within a specific timeframe. Disputes arose regarding the fulfillment of these conditions and the subsequent repayment of the loan with interest.
Mr. Jitendra Kantilal Shah (Financial Creditor/Applicant) advanced ₹4,25,00,000 to Sutlej Housing Private Limited (Corporate Debtor/Respondent) as a loan, structured as advance consideration for booking eight flats in the Corporate Debtor's project, "Dadar Gardens." A Term Sheet dated 2017-05-04 stipulated that the amount was repayable if the Corporate Debtor failed to obtain an Intimation of Disapproval (IOD) for the project within 90 days (by 2017-07-22), or if the Applicant chose to take back the advance with 24% interest even if the IOD was obtained. The Corporate Debtor pledged 1,500 shares to secure the loan. The Corporate Debtor issued eight Allotment Letters dated 2017-04-28 and a Post-Dated Cheque (PDC) to ensure repayment. The Corporate Debtor
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Corporate Debtor issued eight Allotment…
Term Sheet executed between the Applicant and…
The case involves an application filed by Mr. Jitendra Kantilal Shah, the Financial Creditor, against Sutlej Housing Private Limited, the Corporate Debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The application stems from a default on a loan provided by the Applicant to the Corporate Debtor as advance consideration for booking flats in a project. The Term Sheet outlined conditions for repayment, including obtaining an IOD within a specific timeframe. Disputes arose regarding the fulfillment of these conditions and the subsequent repayment of the loan with interest.
Mr. Jitendra Kantilal Shah (Financial Creditor/Applicant) advanced ₹4,25,00,000 to Sutlej Housing Private Limited (Corporate Debtor/Respondent) as a loan, structured as advance consideration for booking eight flats in the Corporate Debtor's project, "Dadar Gardens." A Term Sheet dated 2017-05-04 stipulated that the amount was repayable if the Corporate Debtor failed to obtain an Intimation of Disapproval (IOD) for the project within 90 days (by 2017-07-22), or if the Applicant chose to take back the advance with 24% interest even if the IOD was obtained. The Corporate Debtor pledged 1,500 shares to secure the loan. The Corporate Debtor issued eight Allotment Letters dated 2017-04-28 and a Post-Dated Cheque (PDC) to ensure repayment. The Corporate Debtor
…Corporate Debtor issued eight Allotment…
Term Sheet executed between the Applicant and…