Sahara Fincon Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Tirupati Ceramics Ltd., seeking to initiate the corporate insolvency resolution process. Sahara Fincon claimed to be a financial creditor based on a Memorandum of Understanding (MoU) where it invested ₹564 lacs in Tirupati Ceramics for equity shares and repayment to HSIIDC for revival of the company. The respondent, Tirupati Ceramics, argued that Sahara Fincon was a strategic investor and not a financial creditor, and that no default had been committed. The matter was previously before the Board for Industrial and Financial Reconstruction (BIFR), but those proceedings abated due to legislative changes.
Sahara Fincon Private Limited (the petitioner) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Tirupati Ceramics Ltd. (the respondent), seeking to initiate the corporate insolvency resolution process. The petitioner claimed to be a financial creditor, asserting that it had invested ₹564 lacs in the respondent company based on a Memorandum of Understanding (MoU) dated 16.11.2009. This investment was intended for equity infusion and repayment to HSIIDC for the revival of the respondent company. The petitioner had already purchased 2,31,000 equity shares of the respondent from HSIIDC for ₹23.75 lacs. The MoU stipulated that the respondent would use the funds to settle pressing liabilities, including payments to Apollo Equipment
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Sahara Fincon…
Tirupati Ceram…
Sahara Fincon Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Tirupati Ceramics Ltd., seeking to initiate the corporate insolvency resolution process. Sahara Fincon claimed to be a financial creditor based on a Memorandum of Understanding (MoU) where it invested ₹564 lacs in Tirupati Ceramics for equity shares and repayment to HSIIDC for revival of the company. The respondent, Tirupati Ceramics, argued that Sahara Fincon was a strategic investor and not a financial creditor, and that no default had been committed. The matter was previously before the Board for Industrial and Financial Reconstruction (BIFR), but those proceedings abated due to legislative changes.
Sahara Fincon Private Limited (the petitioner) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Tirupati Ceramics Ltd. (the respondent), seeking to initiate the corporate insolvency resolution process. The petitioner claimed to be a financial creditor, asserting that it had invested ₹564 lacs in the respondent company based on a Memorandum of Understanding (MoU) dated 16.11.2009. This investment was intended for equity infusion and repayment to HSIIDC for the revival of the respondent company. The petitioner had already purchased 2,31,000 equity shares of the respondent from HSIIDC for ₹23.75 lacs. The MoU stipulated that the respondent would use the funds to settle pressing liabilities, including payments to Apollo Equipment
…Sahara Fincon…
Tirupati Ceram…