The case involves a petition filed by Dr. Firdosh Rohintan Mahuwalla, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Cellugen Biotech Private Limited, the Corporate Debtor. The Financial Creditor, who was previously a director of the Corporate Debtor, provided financial assistance to the company in the form of a loan. The Corporate Debtor defaulted on the repayment of this loan, leading to the filing of the petition. The Corporate Debtor was incorporated on 18.08.2008. The application was filed on 20.12.2023.
Dr. Firdosh Rohintan Mahuwalla, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Cellugen Biotech Private Limited, the Corporate Debtor. The Corporate Debtor was incorporated on 18.08.2008. The Financial Creditor, who was a director of the Corporate Debtor, provided financial assistance to the company via a loan. Between 2016 and 2019, Rs. 2,16,65,000/- was disbursed from the Financial Creditor's personal account to the Corporate Debtor, with an agreed interest rate of 8% per annum. The Corporate Debtor repaid Rs. 85,00,000/-, leaving Rs. 1,31,65,000/- outstanding. The Corporate Debtor acknowledged the debt in a board meeting on 04.03.2019, promising repayment. The Financial Creditor
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M/s Cellugen Biotech…
The Financial Creditor…
The case involves a petition filed by Dr. Firdosh Rohintan Mahuwalla, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Cellugen Biotech Private Limited, the Corporate Debtor. The Financial Creditor, who was previously a director of the Corporate Debtor, provided financial assistance to the company in the form of a loan. The Corporate Debtor defaulted on the repayment of this loan, leading to the filing of the petition. The Corporate Debtor was incorporated on 18.08.2008. The application was filed on 20.12.2023.
Dr. Firdosh Rohintan Mahuwalla, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Cellugen Biotech Private Limited, the Corporate Debtor. The Corporate Debtor was incorporated on 18.08.2008. The Financial Creditor, who was a director of the Corporate Debtor, provided financial assistance to the company via a loan. Between 2016 and 2019, Rs. 2,16,65,000/- was disbursed from the Financial Creditor's personal account to the Corporate Debtor, with an agreed interest rate of 8% per annum. The Corporate Debtor repaid Rs. 85,00,000/-, leaving Rs. 1,31,65,000/- outstanding. The Corporate Debtor acknowledged the debt in a board meeting on 04.03.2019, promising repayment. The Financial Creditor
…M/s Cellugen Biotech…
The Financial Creditor…