The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Chetan Kumar Vijayvargiya (deceased) and Veena Vijayvargiya, claiming to be Financial Creditors, for initiating the Corporate Insolvency Resolution Process (CIRP) against Aadarsh Inframax Developers Pvt. Ltd., the Corporate Debtor. The Financial Creditors alleged default on the part of the Respondent in settling an amount of Rs. 2,78,56,710/- inclusive of interest as of 31.05.2020. The Corporate Debtor had approached the Financial Creditors for financial assistance of Rs. 1,70,00,000/- at 19.20% per annum interest, which was disbursed in four tranches. The Corporate Debtor argued that the claim does not qualify as 'financial debt' and that there was no privity of
…Chetan Kumar Vijayvargiya (deceased) and Veena Vijayvargiya, claiming to be Financial Creditors, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Aadarsh Inframax Developers Pvt. Ltd. The Financial Creditors alleged that the Corporate Debtor defaulted on settling an amount of Rs. 2,78,56,710/-, inclusive of interest, as of 31.05.2020. The Corporate Debtor had approached the Financial Creditors for financial assistance of Rs. 1,70,00,000/- at 19.20% per annum interest, disbursed in four tranches. The first tranche of Rs. 30,00,000/- was disbursed on 27.07.2016, the second tranche of Rs. 1,00,00,000/- was disbursed on 03.10.2016, the third tranche of Rs. 20,00,000/- was
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The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Chetan Kumar Vijayvargiya (deceased) and Veena Vijayvargiya, claiming to be Financial Creditors, for initiating the Corporate Insolvency Resolution Process (CIRP) against Aadarsh Inframax Developers Pvt. Ltd., the Corporate Debtor. The Financial Creditors alleged default on the part of the Respondent in settling an amount of Rs. 2,78,56,710/- inclusive of interest as of 31.05.2020. The Corporate Debtor had approached the Financial Creditors for financial assistance of Rs. 1,70,00,000/- at 19.20% per annum interest, which was disbursed in four tranches. The Corporate Debtor argued that the claim does not qualify as 'financial debt' and that there was no privity of
…Chetan Kumar Vijayvargiya (deceased) and Veena Vijayvargiya, claiming to be Financial Creditors, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Aadarsh Inframax Developers Pvt. Ltd. The Financial Creditors alleged that the Corporate Debtor defaulted on settling an amount of Rs. 2,78,56,710/-, inclusive of interest, as of 31.05.2020. The Corporate Debtor had approached the Financial Creditors for financial assistance of Rs. 1,70,00,000/- at 19.20% per annum interest, disbursed in four tranches. The first tranche of Rs. 30,00,000/- was disbursed on 27.07.2016, the second tranche of Rs. 1,00,00,000/- was disbursed on 03.10.2016, the third tranche of Rs. 20,00,000/- was
…The first tranche of…
Agreement dated…