The petition was filed under Section 7 of the IBC, 2016, on 2022-06-27, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against ATS Infrastructure Limited, declare a moratorium, and appoint an Interim Resolution Professional. The applicant, Hardeep Singh, claimed default in payment of Rs. 66,005,000 as of 2021-08-12. The applicant contended that they advanced money to the corporate debtor in 2018 with the assurance of repayment. The corporate debtor, ATS Infrastructure Limited, opposed the petition, arguing that the transaction was a sale/purchase agreement and not a financial debt.
Hardeep Singh (Financial Creditor) filed a petition under Section 7 of the IBC, 2016, against ATS Infrastructure Limited (Corporate Debtor) seeking initiation of CIRP for a default of Rs. 66,005,000 as of 2021-08-12. In 2018, the Financial Creditor advanced money to the Corporate Debtor, with an assurance of repayment. Umritha Infrastructure Development LLP allotted two units to the Financial Creditor, and a Buyer's Agreement was signed on 2018-05-21. The Financial Creditor paid Rs. 43,120,000 to Umritha Infrastructure. Simultaneously, a Memorandum of Understanding (MoU) was executed, detailing the repayment manner. The Corporate Debtor agreed to purchase the units for Rs. 57,900,000. A post-dated cheque was issued but later replaced with a fresh cheque for Rs.
…Sign in to view the parties.
The Insolvency and…
The Financial Creditor…
The petition was filed under Section 7 of the IBC, 2016, on 2022-06-27, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against ATS Infrastructure Limited, declare a moratorium, and appoint an Interim Resolution Professional. The applicant, Hardeep Singh, claimed default in payment of Rs. 66,005,000 as of 2021-08-12. The applicant contended that they advanced money to the corporate debtor in 2018 with the assurance of repayment. The corporate debtor, ATS Infrastructure Limited, opposed the petition, arguing that the transaction was a sale/purchase agreement and not a financial debt.
Hardeep Singh (Financial Creditor) filed a petition under Section 7 of the IBC, 2016, against ATS Infrastructure Limited (Corporate Debtor) seeking initiation of CIRP for a default of Rs. 66,005,000 as of 2021-08-12. In 2018, the Financial Creditor advanced money to the Corporate Debtor, with an assurance of repayment. Umritha Infrastructure Development LLP allotted two units to the Financial Creditor, and a Buyer's Agreement was signed on 2018-05-21. The Financial Creditor paid Rs. 43,120,000 to Umritha Infrastructure. Simultaneously, a Memorandum of Understanding (MoU) was executed, detailing the repayment manner. The Corporate Debtor agreed to purchase the units for Rs. 57,900,000. A post-dated cheque was issued but later replaced with a fresh cheque for Rs.
…The Insolvency and…
The Financial Creditor…