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 relied on the Supreme Court's judgment in Dena Bank vs. C. Shivakumar Reddy, arguing that the decree gave rise to a
…Mr. Shubh Gautam filed a Section 7 application against Anjani Technoplast Limited, seeking to initiate CIRP. Mr. Gautam claimed to be a financial creditor based on loan agreements and a subsequent High Court decree. The initial loan agreements, dated 2010-02-24 and 2010-03-31, involved sums of Rs. 2,50,00,000 and Rs. 2,00,00,000 respectively. A compromise deed was executed on 2013-08-31. A civil suit (CS(OS) 66/2016) was filed in the Delhi High Court on 2016-02-01, resulting in a decree dated 2018-01-11 for Rs. 4,38,00,617 plus interest. The corporate debtor made a partial payment of Rs. 25,00,000 on 2018-01-06. The corporate debtor argued that the debt arose from the decree, not a financial debt, and the application was time-barred. The applicant relied on the Dena
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Loan agreement between Mr. Shubh Gautam…
Loan agreement between Mr. Shubh Gautam…
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 relied on the Supreme Court's judgment in Dena Bank vs. C. Shivakumar Reddy, arguing that the decree gave rise to a
…Mr. Shubh Gautam filed a Section 7 application against Anjani Technoplast Limited, seeking to initiate CIRP. Mr. Gautam claimed to be a financial creditor based on loan agreements and a subsequent High Court decree. The initial loan agreements, dated 2010-02-24 and 2010-03-31, involved sums of Rs. 2,50,00,000 and Rs. 2,00,00,000 respectively. A compromise deed was executed on 2013-08-31. A civil suit (CS(OS) 66/2016) was filed in the Delhi High Court on 2016-02-01, resulting in a decree dated 2018-01-11 for Rs. 4,38,00,617 plus interest. The corporate debtor made a partial payment of Rs. 25,00,000 on 2018-01-06. The corporate debtor argued that the debt arose from the decree, not a financial debt, and the application was time-barred. The applicant relied on the Dena
…Loan agreement between Mr. Shubh Gautam…
Loan agreement between Mr. Shubh Gautam…