This case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Dineshbhai Khimjibhai Patel (Financial Creditor) against Dhara Cements (India) Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The applicant claimed a default of Rs. 1,51,32,072/-, with the date of default being 30.04.2013. The application was initially filed before the Hon'ble High Court of Gujarat and later transferred to the National Company Law Tribunal (NCLT), Ahmedabad, following a Supreme Court observation. The applicant asserted that the respondent sought short-term funds for working capital, which the applicant extended. The respondent repaid a portion of the loan, but a significant amount remained
…Dineshbhai Khimjibhai Patel, the applicant, claimed to have provided financial assistance amounting to Rs. 1,51,32,072/- to Dhara Cements (India) Private Limited, the respondent. The principal amount was Rs. 57,29,675/-, and the interest was Rs. 94,02,397/- at 18% p.a. The date of default was stated to be 30.04.2013. The respondent sought short-term funds for working capital, and the applicant disbursed Rs. 60,79,675/- by 31.03.2013. The respondent repaid Rs. 3,50,000/- on 30.04.2013. The applicant issued a legal notice after the respondent failed to make the required payment. The applicant initially filed a winding-up application before the High Court under Section 433 of the Companies Act, 1956, on 17.04.2015, which was later transferred to NCLT on 30.11.2021. The
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The date of de…
The Applicant filed Winding up Application…
This case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Dineshbhai Khimjibhai Patel (Financial Creditor) against Dhara Cements (India) Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The applicant claimed a default of Rs. 1,51,32,072/-, with the date of default being 30.04.2013. The application was initially filed before the Hon'ble High Court of Gujarat and later transferred to the National Company Law Tribunal (NCLT), Ahmedabad, following a Supreme Court observation. The applicant asserted that the respondent sought short-term funds for working capital, which the applicant extended. The respondent repaid a portion of the loan, but a significant amount remained
…Dineshbhai Khimjibhai Patel, the applicant, claimed to have provided financial assistance amounting to Rs. 1,51,32,072/- to Dhara Cements (India) Private Limited, the respondent. The principal amount was Rs. 57,29,675/-, and the interest was Rs. 94,02,397/- at 18% p.a. The date of default was stated to be 30.04.2013. The respondent sought short-term funds for working capital, and the applicant disbursed Rs. 60,79,675/- by 31.03.2013. The respondent repaid Rs. 3,50,000/- on 30.04.2013. The applicant issued a legal notice after the respondent failed to make the required payment. The applicant initially filed a winding-up application before the High Court under Section 433 of the Companies Act, 1956, on 17.04.2015, which was later transferred to NCLT on 30.11.2021. The
…The date of de…
The Applicant filed Winding up Application…