Birla Projects Private Limited, the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Bhandari Infrastructure and Construction Development Private Limited, the Corporate Debtor. The application was filed claiming a total default of Rs.1,95,36,004/- up to 31.10.2019, with the date of default stated as 31.03.2017. The Corporate Debtor contested the petition, arguing that the amount in question was an investment in real estate projects, not a loan, and that a land transfer agreement was in place to satisfy the claim.
Birla Projects Private Limited (Financial Creditor) filed an application under Section 7 of the I&B Code to initiate CIRP against Bhandari Infrastructure and Construction Development Private Limited (Corporate Debtor). The application claimed a default of Rs.1,95,36,004/- as of 31.10.2019, with the default date being 31.03.2017. The Financial Creditor disbursed a loan of Rs.1,30,00,000/- to the Corporate Debtor on 19.03.2016 at 15% interest. The Corporate Debtor made some interest payments with TDS deductions. The Financial Creditor submitted ledgers and balance confirmations. The Corporate Debtor argued the amount was an investment, not a loan, and presented an undated Sale Deed for land transfer in satisfaction of the claim. The court noted the Corporate Debtor
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Birla Projects Private Limited, the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Bhandari Infrastructure and Construction Development Private Limited, the Corporate Debtor. The application was filed claiming a total default of Rs.1,95,36,004/- up to 31.10.2019, with the date of default stated as 31.03.2017. The Corporate Debtor contested the petition, arguing that the amount in question was an investment in real estate projects, not a loan, and that a land transfer agreement was in place to satisfy the claim.
Birla Projects Private Limited (Financial Creditor) filed an application under Section 7 of the I&B Code to initiate CIRP against Bhandari Infrastructure and Construction Development Private Limited (Corporate Debtor). The application claimed a default of Rs.1,95,36,004/- as of 31.10.2019, with the default date being 31.03.2017. The Financial Creditor disbursed a loan of Rs.1,30,00,000/- to the Corporate Debtor on 19.03.2016 at 15% interest. The Corporate Debtor made some interest payments with TDS deductions. The Financial Creditor submitted ledgers and balance confirmations. The Corporate Debtor argued the amount was an investment, not a loan, and presented an undated Sale Deed for land transfer in satisfaction of the claim. The court noted the Corporate Debtor
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Stated date of default…