This case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Kailash Motilal Kakrania & Ors. (Financial Creditor) against Apurva Oil and Industries Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed a default of Rs. 1,22,42,927/-, including principal and interest. The corporate debtor contested the application, raising issues of limitation, lack of supporting documents for the claimed interest, and discrepancies in the amount claimed. The corporate debtor also alleged that the petitioner was collecting rent in an unauthorized manner and had filed a criminal complaint against the petitioner.
Kailash Motilal Kakrania & Ors. filed an application under Section 7 of the I&B Code, 2016, against Apurva Oil and Industries Private Limited, claiming a default of Rs. 1,22,42,927/-. The date of first default was stated as 23.07.2021, later revised to 31.07.2021. The Corporate Debtor argued that the petition was barred by limitation, the interest claimed was unsubstantiated, and the outstanding amount was less than Rs. 1 crore, the threshold for initiating CIRP at the time of filing. The Corporate Debtor also alleged that Kailash Kakrania was collecting rent in an unauthorized manner and had filed a criminal complaint against him. The Financial Creditor claimed interest at 9% p.a., based on board resolutions from 1999, but the Corporate Debtor denied any
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C.P. (IB) No. 986/MB/C-IV/2021 filed by Kailash…
The date of first…
This case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Kailash Motilal Kakrania & Ors. (Financial Creditor) against Apurva Oil and Industries Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed a default of Rs. 1,22,42,927/-, including principal and interest. The corporate debtor contested the application, raising issues of limitation, lack of supporting documents for the claimed interest, and discrepancies in the amount claimed. The corporate debtor also alleged that the petitioner was collecting rent in an unauthorized manner and had filed a criminal complaint against the petitioner.
Kailash Motilal Kakrania & Ors. filed an application under Section 7 of the I&B Code, 2016, against Apurva Oil and Industries Private Limited, claiming a default of Rs. 1,22,42,927/-. The date of first default was stated as 23.07.2021, later revised to 31.07.2021. The Corporate Debtor argued that the petition was barred by limitation, the interest claimed was unsubstantiated, and the outstanding amount was less than Rs. 1 crore, the threshold for initiating CIRP at the time of filing. The Corporate Debtor also alleged that Kailash Kakrania was collecting rent in an unauthorized manner and had filed a criminal complaint against him. The Financial Creditor claimed interest at 9% p.a., based on board resolutions from 1999, but the Corporate Debtor denied any
…C.P. (IB) No. 986/MB/C-IV/2021 filed by Kailash…
The date of first…