The case involves a petition filed by Sunil Parmanand Kewalramani and others (Petitioners) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Urban Sanctuaries Developers Private Limited (Corporate Debtor). The Petitioners alleged that the Corporate Debtor defaulted on a payment of Rs. 1,11,53,000/-. The Petitioners claimed to have advanced a loan of Rs. 1,26,03,000/- to the Corporate Debtor, who acknowledged amounts due to the Petitioners in audited financial statements for the year ending 31.03.2016. The Corporate Debtor, however, contended that the amounts given by the Petitioners were in the form of capital contribution and not a loan. The Corporate Debtor also alleged that the
…Sunil Parmanand Kewalramani, Manoj Kewalramani, and Parmanand Kewalramani (Petitioners) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Urban Sanctuaries Developers Private Limited (Corporate Debtor), claiming a default of Rs. 1,11,53,000/-. The Petitioners claimed to have advanced a loan of Rs. 1,26,03,000/- to the Corporate Debtor. The Corporate Debtor acknowledged amounts due to the Petitioners in audited financial statements for the year ending 31.03.2016. The Petitioners issued a letter dated 21.08.2017, calling upon the Corporate Debtor to repay the debt. The Corporate Debtor replied on 04.09.2017, stating that the amounts given were in the form of capital contribution, not a loan. The Petitioners are shareholders and directors
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Audited financial statements for the year ending…
Board meeting where…
The case involves a petition filed by Sunil Parmanand Kewalramani and others (Petitioners) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Urban Sanctuaries Developers Private Limited (Corporate Debtor). The Petitioners alleged that the Corporate Debtor defaulted on a payment of Rs. 1,11,53,000/-. The Petitioners claimed to have advanced a loan of Rs. 1,26,03,000/- to the Corporate Debtor, who acknowledged amounts due to the Petitioners in audited financial statements for the year ending 31.03.2016. The Corporate Debtor, however, contended that the amounts given by the Petitioners were in the form of capital contribution and not a loan. The Corporate Debtor also alleged that the
…Sunil Parmanand Kewalramani, Manoj Kewalramani, and Parmanand Kewalramani (Petitioners) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Urban Sanctuaries Developers Private Limited (Corporate Debtor), claiming a default of Rs. 1,11,53,000/-. The Petitioners claimed to have advanced a loan of Rs. 1,26,03,000/- to the Corporate Debtor. The Corporate Debtor acknowledged amounts due to the Petitioners in audited financial statements for the year ending 31.03.2016. The Petitioners issued a letter dated 21.08.2017, calling upon the Corporate Debtor to repay the debt. The Corporate Debtor replied on 04.09.2017, stating that the amounts given were in the form of capital contribution, not a loan. The Petitioners are shareholders and directors
…Audited financial statements for the year ending…
Board meeting where…