Thirdwave Fiscal & Investment Services Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Amit Vanijya Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The application pertains to an alleged default on an inter-corporate loan. The Corporate Debtor argued that the application was not maintainable because it is a Non-Banking Financial Company (NBFC) and thus falls under the definition of 'Financial Service Provider', excluded from the definition of 'Corporate Debtor' under the IBC. The Corporate Debtor also raised concerns about the lack of a proper agreement, disbursement evidence, and default records.
On 10/01/2013, Amit Vanijya Private Limited (Corporate Debtor) approached Thirdwave Fiscal & Investment Services Pvt. Ltd. (Financial Creditor) for an inter-corporate loan of Rs. 1,50,00,000 for 179 days at 11% p.a. from 10/01/2013 to 08/02/2013. The Financial Creditor agreed. On 04/01/2020, the Corporate Debtor requested a renewal of the loan for another 183 days at 14% p.a. from 04/01/2020 to 06/30/2020 and 07/01/2020 to 09/30/2020, which the Financial Creditor agreed to. A cheque for Rs. 4,84,295 for interest from 04/01/2020 to 06/30/2020 was dishonored on 07/01/2020 due to 'Funds Insufficient'. Cheques dated 10/01/2020 for Rs. 1,50,00,000 (principal) and Rs. 4,89,616 (interest) were also dishonored for the same reason. On 11/25/2020, the Financial Creditor sent
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Corporate Debtor approached Financial…
Corporate D…
Thirdwave Fiscal & Investment Services Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Amit Vanijya Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The application pertains to an alleged default on an inter-corporate loan. The Corporate Debtor argued that the application was not maintainable because it is a Non-Banking Financial Company (NBFC) and thus falls under the definition of 'Financial Service Provider', excluded from the definition of 'Corporate Debtor' under the IBC. The Corporate Debtor also raised concerns about the lack of a proper agreement, disbursement evidence, and default records.
On 10/01/2013, Amit Vanijya Private Limited (Corporate Debtor) approached Thirdwave Fiscal & Investment Services Pvt. Ltd. (Financial Creditor) for an inter-corporate loan of Rs. 1,50,00,000 for 179 days at 11% p.a. from 10/01/2013 to 08/02/2013. The Financial Creditor agreed. On 04/01/2020, the Corporate Debtor requested a renewal of the loan for another 183 days at 14% p.a. from 04/01/2020 to 06/30/2020 and 07/01/2020 to 09/30/2020, which the Financial Creditor agreed to. A cheque for Rs. 4,84,295 for interest from 04/01/2020 to 06/30/2020 was dishonored on 07/01/2020 due to 'Funds Insufficient'. Cheques dated 10/01/2020 for Rs. 1,50,00,000 (principal) and Rs. 4,89,616 (interest) were also dishonored for the same reason. On 11/25/2020, the Financial Creditor sent
…Corporate Debtor approached Financial…
Corporate D…