The case originates from an application filed on 2020-01-17 under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Abhinav Agarwal (Financial Creditor) against M/S Codeblue Clothing Private Limited (Corporate Debtor), seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed a default on a financial debt amounting to Rs. 49,14,584/- including interest. The corporate debtor disputed the claim, contending that the amount was an investment, not a loan. The corporate debtor argued that the financial creditor failed to fulfill commitments by not disbursing funds according to agreed timelines. The financial creditor argued that the money given to the corporate debtor was an unsecured loan.
Abhinav Agarwal (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Codeblue Clothing Private Limited (Corporate Debtor) on 2020-01-17. The application sought initiation of CIRP due to a default on a financial debt of Rs. 49,14,584/-, including interest. The Financial Creditor claimed that he had extended an unsecured loan to the Corporate Debtor. The Corporate Debtor disputed the claim, arguing that the amount was an investment, not a loan, and cited Section 73 of the Companies Act, 2013, stating that a private limited company cannot receive money as a loan or deposit from an individual who is not a director. The Corporate Debtor also presented WhatsApp messages and a handwritten note to support the
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Application filed under Section 7 of the…
Financial Creditor…
The case originates from an application filed on 2020-01-17 under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Abhinav Agarwal (Financial Creditor) against M/S Codeblue Clothing Private Limited (Corporate Debtor), seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed a default on a financial debt amounting to Rs. 49,14,584/- including interest. The corporate debtor disputed the claim, contending that the amount was an investment, not a loan. The corporate debtor argued that the financial creditor failed to fulfill commitments by not disbursing funds according to agreed timelines. The financial creditor argued that the money given to the corporate debtor was an unsecured loan.
Abhinav Agarwal (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Codeblue Clothing Private Limited (Corporate Debtor) on 2020-01-17. The application sought initiation of CIRP due to a default on a financial debt of Rs. 49,14,584/-, including interest. The Financial Creditor claimed that he had extended an unsecured loan to the Corporate Debtor. The Corporate Debtor disputed the claim, arguing that the amount was an investment, not a loan, and cited Section 73 of the Companies Act, 2013, stating that a private limited company cannot receive money as a loan or deposit from an individual who is not a director. The Corporate Debtor also presented WhatsApp messages and a handwritten note to support the
…Application filed under Section 7 of the…
Financial Creditor…