This case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Anup Jhunjhunwala (Financial Creditor) against ADEA Powerquips Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor failed to repay a loan of Rs. 29,80,662 along with interest. The Corporate Debtor argued that the loan was converted into equity shares with the consent of the Financial Creditor.
Anup Jhunjhunwala, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against ADEA Powerquips Private Limited, the Corporate Debtor, claiming a default on a loan of Rs. 29,80,662 along with 12% interest per annum from August 16, 2018, to October 17, 2019. The loan was given in installments between August 16, 2018, and January 11, 2019, totaling Rs. 27,00,000. The Financial Creditor was also a shareholder and Managing Director of the Corporate Debtor until September 16, 2019. In December 2018, the Financial Creditor sold some equity shares to Modern Malleables groups. The Corporate Debtor acknowledged the loan but claimed it was converted into equity shares during an Annual General Meeting on September 16, 2019. The
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ADEA Powerquips…
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This case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Anup Jhunjhunwala (Financial Creditor) against ADEA Powerquips Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor failed to repay a loan of Rs. 29,80,662 along with interest. The Corporate Debtor argued that the loan was converted into equity shares with the consent of the Financial Creditor.
Anup Jhunjhunwala, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against ADEA Powerquips Private Limited, the Corporate Debtor, claiming a default on a loan of Rs. 29,80,662 along with 12% interest per annum from August 16, 2018, to October 17, 2019. The loan was given in installments between August 16, 2018, and January 11, 2019, totaling Rs. 27,00,000. The Financial Creditor was also a shareholder and Managing Director of the Corporate Debtor until September 16, 2019. In December 2018, the Financial Creditor sold some equity shares to Modern Malleables groups. The Corporate Debtor acknowledged the loan but claimed it was converted into equity shares during an Annual General Meeting on September 16, 2019. The
…ADEA Powerquips…
The Financial Creditor…