Azad Engineering Private Limited filed a petition against Veera Precicast Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Corporate Debtor was in the process of reorganization and approached the Financial Creditor. Both parties signed a Memorandum of Understanding (MoU) on 2018-10-10, contemplating the terms and conditions of a takeover. The Financial Creditor transferred ₹1,09,45,500 to the Directors/Shareholders of the Corporate Debtor as per clause 4 of the MoU. The Corporate Debtor allegedly violated the conditions of the MoU and failed to clear its liabilities. The Financial Creditor issued a demand notice on 2019-06-14, asking
…Azad Engineering Private Limited (Financial Creditor) filed a petition against Veera Precicast Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor, undergoing reorganization, approached the Financial Creditor, leading to a Memorandum of Understanding (MoU) on 2018-10-10 for a potential takeover. As per clause 4 of the MoU, the Financial Creditor transferred ₹1,09,45,500 to the Directors/Shareholders of the Corporate Debtor. The Corporate Debtor allegedly violated the MoU's conditions and failed to clear its liabilities. The Financial Creditor issued a demand notice on 2019-06-14, seeking cancellation of the MoU and repayment of ₹1,20,23,062 (including interest). The Corporate Debtor accepted the
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Azad Engineering Private Limited filed a petition against Veera Precicast Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Corporate Debtor was in the process of reorganization and approached the Financial Creditor. Both parties signed a Memorandum of Understanding (MoU) on 2018-10-10, contemplating the terms and conditions of a takeover. The Financial Creditor transferred ₹1,09,45,500 to the Directors/Shareholders of the Corporate Debtor as per clause 4 of the MoU. The Corporate Debtor allegedly violated the conditions of the MoU and failed to clear its liabilities. The Financial Creditor issued a demand notice on 2019-06-14, asking
…Azad Engineering Private Limited (Financial Creditor) filed a petition against Veera Precicast Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor, undergoing reorganization, approached the Financial Creditor, leading to a Memorandum of Understanding (MoU) on 2018-10-10 for a potential takeover. As per clause 4 of the MoU, the Financial Creditor transferred ₹1,09,45,500 to the Directors/Shareholders of the Corporate Debtor. The Corporate Debtor allegedly violated the MoU's conditions and failed to clear its liabilities. The Financial Creditor issued a demand notice on 2019-06-14, seeking cancellation of the MoU and repayment of ₹1,20,23,062 (including interest). The Corporate Debtor accepted the
…Memorandum of Understanding signed between…
Email from Corporate Debtor admitting that the…