The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by multiple applicants (financial creditors) against Vatsin Infrastructure Limited (corporate debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The applicants claimed that the corporate debtor defaulted on repayment of investments made by them in the corporate debtor's project, 'Avenue 72' in Bhiwadi, Rajasthan. The applicants had invested a total of ₹90,00,000/- based on a Memorandum of Understanding (MoU) executed in December 2014, with a promise of assured profits/interests. The corporate debtor issued post-dated cheques which were later dishonored. The corporate debtor contended that the applicants do not fall under the category of
…1. Multiple applicants (Jatinder Verma, Shehzad Ali Azad, Saket Agarwal, Lokesh Gupta, Sonia Khosla, and Ekta Nigam) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vatsin Infrastructure Limited.
2. The applicants invested a total of ₹90,00,000/- in the corporate debtor's project, 'Avenue 72' in Bhiwadi, Rajasthan, based on a Memorandum of Understanding (MoU) executed in December 2014.
3. Each applicant invested ₹15,00,000/- as per the terms of the MoU, with a promise of assured profits/interests amounting to ₹4,50,000/- per applicant.
4. The corporate debtor agreed to repay the invested amount along with assured profits/interests within a year from the date of execution of the MoU.
5. The corporate debtor issued post-dated cheques
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A Memorandum of Understanding (MoU) was…
The date on which…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by multiple applicants (financial creditors) against Vatsin Infrastructure Limited (corporate debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The applicants claimed that the corporate debtor defaulted on repayment of investments made by them in the corporate debtor's project, 'Avenue 72' in Bhiwadi, Rajasthan. The applicants had invested a total of ₹90,00,000/- based on a Memorandum of Understanding (MoU) executed in December 2014, with a promise of assured profits/interests. The corporate debtor issued post-dated cheques which were later dishonored. The corporate debtor contended that the applicants do not fall under the category of
…1. Multiple applicants (Jatinder Verma, Shehzad Ali Azad, Saket Agarwal, Lokesh Gupta, Sonia Khosla, and Ekta Nigam) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vatsin Infrastructure Limited.
2. The applicants invested a total of ₹90,00,000/- in the corporate debtor's project, 'Avenue 72' in Bhiwadi, Rajasthan, based on a Memorandum of Understanding (MoU) executed in December 2014.
3. Each applicant invested ₹15,00,000/- as per the terms of the MoU, with a promise of assured profits/interests amounting to ₹4,50,000/- per applicant.
4. The corporate debtor agreed to repay the invested amount along with assured profits/interests within a year from the date of execution of the MoU.
5. The corporate debtor issued post-dated cheques
A Memorandum of Understanding (MoU) was…
The date on which…