The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by I.V. Nanda Gopal (Operational Creditor) against Teja Cements Ltd (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claims a default in payment of Rs.7,50,00,000/- for services rendered in connection with the establishment of a cement factory. The Corporate Debtor denied any offer of employment or shares to the Operational Creditor, alleging forged e-mail communications. The Operational Creditor relied on various letters and e-mails to support his claim of employment and outstanding dues.
I.V. Nanda Gopal, the Operational Creditor, claimed that Teja Cements Ltd, the Corporate Debtor, defaulted in paying Rs.7,50,00,000/- for services rendered in connection with the establishment of a cement factory. The Operational Creditor relied on letters and e-mails indicating an offer of employment, a monthly salary of Rs.5,00,000/-, and an entitlement to Rs.7.50 crores as sweat equity shares. The Corporate Debtor denied any employment offer or agreement to allot shares, alleging that the e-mail communications were forged. The Corporate Debtor also claimed that the Operational Creditor had voluntarily assisted in the establishment of the cement factory and had invested and later withdrawn Rs.20,00,000/-. The Operational Creditor claimed that he was promised a
…Sign in to view the parties.
I.V. Nanda Gopal…
Letter stating I.V.…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by I.V. Nanda Gopal (Operational Creditor) against Teja Cements Ltd (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claims a default in payment of Rs.7,50,00,000/- for services rendered in connection with the establishment of a cement factory. The Corporate Debtor denied any offer of employment or shares to the Operational Creditor, alleging forged e-mail communications. The Operational Creditor relied on various letters and e-mails to support his claim of employment and outstanding dues.
I.V. Nanda Gopal, the Operational Creditor, claimed that Teja Cements Ltd, the Corporate Debtor, defaulted in paying Rs.7,50,00,000/- for services rendered in connection with the establishment of a cement factory. The Operational Creditor relied on letters and e-mails indicating an offer of employment, a monthly salary of Rs.5,00,000/-, and an entitlement to Rs.7.50 crores as sweat equity shares. The Corporate Debtor denied any employment offer or agreement to allot shares, alleging that the e-mail communications were forged. The Corporate Debtor also claimed that the Operational Creditor had voluntarily assisted in the establishment of the cement factory and had invested and later withdrawn Rs.20,00,000/-. The Operational Creditor claimed that he was promised a
…I.V. Nanda Gopal…
Letter stating I.V.…