The case involves a Section 7 application under the Insolvency and Bankruptcy Code, 2016, filed by Mr. Shubh Gautam, a financial creditor, against Anjani Technoplast Limited, the corporate debtor. The applicant claimed that the corporate debtor defaulted on loan repayments. The corporate debtor argued that the debt arose from a civil suit decree and not a financial debt as defined under the IBC, and that the application was barred by limitation. The applicant had advanced loans to the corporate debtor in 2010, and a compromise deed was executed in 2013. A civil suit was filed in 2016, which was decreed in favor of the applicant in 2018. The applicant argued that the decree gave rise to a fresh cause of action under the IBC.
Mr. Shubh Gautam filed a Section 7 application against Anjani Technoplast Limited, claiming to be a financial creditor. The applicant had advanced loans of Rs. 2,50,00,000 on 24.02.2010 and Rs. 2,00,00,000 on 31.03.2010 to the corporate debtor. A compromise deed was executed on 31.08.2013, wherein the corporate debtor pledged to pay Rs. 3,22,02,660 with interest. A civil suit (CS(OS) 66/2016) was filed by the applicant in the Delhi High Court on 01.02.2016, which was decreed on 11.01.2018 for Rs. 4,38,00,617 with interest. The corporate debtor paid Rs. 25,00,000 on 06.01.2018. The applicant claimed Rs. 9,96,21,480, including principal, interest, and costs. The corporate debtor argued that the applicant was a director and shareholder, the debt was not a financial debt,
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Corporate Debtor…
Corporate Debtor…
The case involves a Section 7 application under the Insolvency and Bankruptcy Code, 2016, filed by Mr. Shubh Gautam, a financial creditor, against Anjani Technoplast Limited, the corporate debtor. The applicant claimed that the corporate debtor defaulted on loan repayments. The corporate debtor argued that the debt arose from a civil suit decree and not a financial debt as defined under the IBC, and that the application was barred by limitation. The applicant had advanced loans to the corporate debtor in 2010, and a compromise deed was executed in 2013. A civil suit was filed in 2016, which was decreed in favor of the applicant in 2018. The applicant argued that the decree gave rise to a fresh cause of action under the IBC.
Mr. Shubh Gautam filed a Section 7 application against Anjani Technoplast Limited, claiming to be a financial creditor. The applicant had advanced loans of Rs. 2,50,00,000 on 24.02.2010 and Rs. 2,00,00,000 on 31.03.2010 to the corporate debtor. A compromise deed was executed on 31.08.2013, wherein the corporate debtor pledged to pay Rs. 3,22,02,660 with interest. A civil suit (CS(OS) 66/2016) was filed by the applicant in the Delhi High Court on 01.02.2016, which was decreed on 11.01.2018 for Rs. 4,38,00,617 with interest. The corporate debtor paid Rs. 25,00,000 on 06.01.2018. The applicant claimed Rs. 9,96,21,480, including principal, interest, and costs. The corporate debtor argued that the applicant was a director and shareholder, the debt was not a financial debt,
…Corporate Debtor…
Corporate Debtor…