This case involves a Company Petition IB (IBC) No. 151/ND/2024 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Smriti Bhatia and others (Financial Creditors) against Bird Hospitality Services Pvt Ltd (Corporate Debtor). The Financial Creditors, being the legal heirs of Late Shri Ankur Bhatia, claim that the Corporate Debtor defaulted on a payment of Rs. 21,50,58,118/-, which includes interest. The Corporate Debtor disputes the claim, arguing that the funds infused by Late Shri Ankur Bhatia were capital infusions, not loans, and that the Petitioners lack the locus standi to file the petition without a succession certificate.
Late Shri Ankur Bhatia, who was a Director and shareholder of Bird Hospitality Services Pvt Ltd, extended a loan of Rs. 27,74,65,000/- to the company. After his death on June 4, 2021, his legal heirs (Smriti Bhatia, Saina Bhatia, and Arnav Bhatia) collectively recalled their 3/4th share of the loan, amounting to Rs. 20,80,98,750/-, by issuing a notice dated 30.11.2023. The Corporate Debtor allegedly defaulted on the repayment, with the total outstanding, including interest, amounting to Rs. 21,50,58,118/- as of 13.03.2024. The Corporate Debtor acknowledged the infusion of funds but argued it was a capital infusion, not a loan, and that the legal heirs needed a succession certificate to claim the debt. The balance sheets of the Corporate Debtor reflected the infused
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Shri Ankur Bhatia, the…
The Petitioners, as legal heirs of Ankur…
This case involves a Company Petition IB (IBC) No. 151/ND/2024 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Smriti Bhatia and others (Financial Creditors) against Bird Hospitality Services Pvt Ltd (Corporate Debtor). The Financial Creditors, being the legal heirs of Late Shri Ankur Bhatia, claim that the Corporate Debtor defaulted on a payment of Rs. 21,50,58,118/-, which includes interest. The Corporate Debtor disputes the claim, arguing that the funds infused by Late Shri Ankur Bhatia were capital infusions, not loans, and that the Petitioners lack the locus standi to file the petition without a succession certificate.
Late Shri Ankur Bhatia, who was a Director and shareholder of Bird Hospitality Services Pvt Ltd, extended a loan of Rs. 27,74,65,000/- to the company. After his death on June 4, 2021, his legal heirs (Smriti Bhatia, Saina Bhatia, and Arnav Bhatia) collectively recalled their 3/4th share of the loan, amounting to Rs. 20,80,98,750/-, by issuing a notice dated 30.11.2023. The Corporate Debtor allegedly defaulted on the repayment, with the total outstanding, including interest, amounting to Rs. 21,50,58,118/- as of 13.03.2024. The Corporate Debtor acknowledged the infusion of funds but argued it was a capital infusion, not a loan, and that the legal heirs needed a succession certificate to claim the debt. The balance sheets of the Corporate Debtor reflected the infused
…Shri Ankur Bhatia, the…
The Petitioners, as legal heirs of Ankur…