The case involves a Company Petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Satra Properties (India) Limited, the Financial Creditor, through Resolution Professional Ms. Vaishali Arun Patrikar, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Cineline Exports Private Limited, the Corporate Debtor. The petition was filed due to the Corporate Debtor's failure to repay an outstanding debt of Rs. 4,60,02,495/- along with interest. The Financial Creditor claims that the Corporate Debtor acknowledged the debt in its balance sheet.
Satra Properties (India) Limited, acting as the Financial Creditor, filed a petition under Section 7 of the IBC to initiate CIRP against Cineline Exports Private Limited, the Corporate Debtor. The petition was filed on 2022-12-08, claiming an outstanding debt of Rs. 4,60,02,495/- plus interest of Rs. 1,13,30,732 as of 2022-10-30. The date of default was specified as 2022-03-31. The Corporate Debtor argued that the Petitioner was not a Financial Creditor and that no financial debt existed. The Financial Creditor presented evidence, including balance sheets, showing that the Corporate Debtor had acknowledged the debt. The Inter Corporate Deposit was originally given by M/s. OM Housing Private Limited and after amalgamation of OM Housing Private Limited with M/s. Satra
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Inter Corporate Deposit originally given by…
Corporate Insolvency Resolution Process…
The case involves a Company Petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Satra Properties (India) Limited, the Financial Creditor, through Resolution Professional Ms. Vaishali Arun Patrikar, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Cineline Exports Private Limited, the Corporate Debtor. The petition was filed due to the Corporate Debtor's failure to repay an outstanding debt of Rs. 4,60,02,495/- along with interest. The Financial Creditor claims that the Corporate Debtor acknowledged the debt in its balance sheet.
Satra Properties (India) Limited, acting as the Financial Creditor, filed a petition under Section 7 of the IBC to initiate CIRP against Cineline Exports Private Limited, the Corporate Debtor. The petition was filed on 2022-12-08, claiming an outstanding debt of Rs. 4,60,02,495/- plus interest of Rs. 1,13,30,732 as of 2022-10-30. The date of default was specified as 2022-03-31. The Corporate Debtor argued that the Petitioner was not a Financial Creditor and that no financial debt existed. The Financial Creditor presented evidence, including balance sheets, showing that the Corporate Debtor had acknowledged the debt. The Inter Corporate Deposit was originally given by M/s. OM Housing Private Limited and after amalgamation of OM Housing Private Limited with M/s. Satra
…Inter Corporate Deposit originally given by…
Corporate Insolvency Resolution Process…