The case involves an application filed by Jayantilal H. Jain, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Brownstone Foundation Private Limited, the Corporate Debtor. The Financial Creditor claims a financial debt of Rs. 26,98,633/-. The Corporate Debtor opposed the application, arguing that the application copy did not establish the essentials of a financial debt. The Corporate Debtor also claimed that the Financial Creditor had preferred a suit against M/s Artic Business Group for the same transaction.
Jayantilal H. Jain, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Brownstone Foundation Private Limited, the Corporate Debtor. The Financial Creditor claimed a financial debt of Rs. 26,98,633/-, supported by bank statements and pronotes. The Financial Creditor had disbursed Rs. 15,00,000/- on 23.05.2018 and Rs. 16,00,000/- on 19.07.2018 to the Corporate Debtor, evidenced by pronotes. The Corporate Debtor agreed to pay interest at 18% p.a. The Corporate Debtor filed a counter, arguing that the application copy did not establish the essentials of a financial debt and that the Financial Creditor had preferred a suit against M/s Artic Business
…Sign in to view the parties.
M/s. Brownstone…
Pro Note…
The case involves an application filed by Jayantilal H. Jain, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Brownstone Foundation Private Limited, the Corporate Debtor. The Financial Creditor claims a financial debt of Rs. 26,98,633/-. The Corporate Debtor opposed the application, arguing that the application copy did not establish the essentials of a financial debt. The Corporate Debtor also claimed that the Financial Creditor had preferred a suit against M/s Artic Business Group for the same transaction.
Jayantilal H. Jain, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Brownstone Foundation Private Limited, the Corporate Debtor. The Financial Creditor claimed a financial debt of Rs. 26,98,633/-, supported by bank statements and pronotes. The Financial Creditor had disbursed Rs. 15,00,000/- on 23.05.2018 and Rs. 16,00,000/- on 19.07.2018 to the Corporate Debtor, evidenced by pronotes. The Corporate Debtor agreed to pay interest at 18% p.a. The Corporate Debtor filed a counter, arguing that the application copy did not establish the essentials of a financial debt and that the Financial Creditor had preferred a suit against M/s Artic Business
…M/s. Brownstone…
Pro Note…