The case involves a Company Petition filed by Shri. Dev Deepak Doshi (Petitioner/Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Dura PUF (Silvassa) Private Limited (Respondent/Corporate Debtor). The petitioner claims a default amount of Rs. 2,15,98,097/-, with the date of default as 11.11.2023. The petitioner, a former director of the corporate debtor, had advanced a loan to the respondent in various tranches between 2016 and 2022. The respondent denies the maintainability of the petition, arguing the absence of a written agreement, the lack of an interest component in the loan, and a unilaterally determined date of default.
Shri. Dev Deepak Doshi, the Petitioner, filed a Company Petition seeking to initiate CIRP against M/s. Dura PUF (Silvassa) Private Limited, the Respondent, claiming a default of Rs. 2,15,98,097/- as of 11.11.2023. The Petitioner, a former director of the Respondent, had advanced a loan of Rs. 2,19,43,097/- in various tranches from 09.05.2016 to 18.05.2022, repayable on demand. The Petitioner issued a Loan Recall Notice on 11.11.2023, demanding repayment, followed by reminder notices on 31.12.2023 and 05.03.2024. The Respondent acknowledged the liability but made no payment. The Respondent argued the petition was non-maintainable due to the absence of a written agreement, the lack of an interest component, and a unilaterally determined date of default. The Respondent
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The Petitioner was…
The Petitioner advanced a Loan amount of…
The case involves a Company Petition filed by Shri. Dev Deepak Doshi (Petitioner/Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Dura PUF (Silvassa) Private Limited (Respondent/Corporate Debtor). The petitioner claims a default amount of Rs. 2,15,98,097/-, with the date of default as 11.11.2023. The petitioner, a former director of the corporate debtor, had advanced a loan to the respondent in various tranches between 2016 and 2022. The respondent denies the maintainability of the petition, arguing the absence of a written agreement, the lack of an interest component in the loan, and a unilaterally determined date of default.
Shri. Dev Deepak Doshi, the Petitioner, filed a Company Petition seeking to initiate CIRP against M/s. Dura PUF (Silvassa) Private Limited, the Respondent, claiming a default of Rs. 2,15,98,097/- as of 11.11.2023. The Petitioner, a former director of the Respondent, had advanced a loan of Rs. 2,19,43,097/- in various tranches from 09.05.2016 to 18.05.2022, repayable on demand. The Petitioner issued a Loan Recall Notice on 11.11.2023, demanding repayment, followed by reminder notices on 31.12.2023 and 05.03.2024. The Respondent acknowledged the liability but made no payment. The Respondent argued the petition was non-maintainable due to the absence of a written agreement, the lack of an interest component, and a unilaterally determined date of default. The Respondent
…The Petitioner was…
The Petitioner advanced a Loan amount of…