SMS Foundation & Investment LLP filed an application under Section 65 of IBC, 2016, seeking to set aside the rejection of their claim by the resolution professional and to be inducted as a Financial Creditor in the Committee of Creditors.
SMS Foundation & Investment LLP (Applicant) sought to be recognized as a Financial Creditor of Harsha Exito Engineering Pvt. Ltd (Corporate Debtor).
The Applicant claimed to have transferred Rs. 12,94,04,499/- to the Corporate Debtor as an investment, later converted into a loan.
A Memorandum of Understanding (MOU) was signed between the parties on 02.08.2019 for transfer of shares.
The Corporate Debtor, via a letter dated 27.01.2020, informed the Applicant that the MOU was never revoked and 18,60,000 Equity Shares were transferred to the investor on 17.12.2019.
The Applicant's claim was rejected by the IRP on 24.05.2021, stating that the Applicants were shareholders of the Corporate Debtor.
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A Memorandum of…
A Loan Agreement was executed between the…
SMS Foundation & Investment LLP filed an application under Section 65 of IBC, 2016, seeking to set aside the rejection of their claim by the resolution professional and to be inducted as a Financial Creditor in the Committee of Creditors.
SMS Foundation & Investment LLP (Applicant) sought to be recognized as a Financial Creditor of Harsha Exito Engineering Pvt. Ltd (Corporate Debtor).
The Applicant claimed to have transferred Rs. 12,94,04,499/- to the Corporate Debtor as an investment, later converted into a loan.
A Memorandum of Understanding (MOU) was signed between the parties on 02.08.2019 for transfer of shares.
The Corporate Debtor, via a letter dated 27.01.2020, informed the Applicant that the MOU was never revoked and 18,60,000 Equity Shares were transferred to the investor on 17.12.2019.
The Applicant's claim was rejected by the IRP on 24.05.2021, stating that the Applicants were shareholders of the Corporate Debtor.
…A Memorandum of…
A Loan Agreement was executed between the…