The case involves a petition filed by Creative Capital Services Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against EMM BEE FINCAP PRIVATE LIMITED (Corporate Debtor/Corporate Guarantor). The Financial Creditor sought to recover a debt of INR 8,48,29,275/- arising from a transaction where the Financial Creditor transferred equity shares to the Principal Borrower, but the Corporate Debtor failed to remit the agreed consideration. The Financial Creditor had previously initiated arbitration proceedings and obtained an award in its favor against the Principal Borrower. The Corporate Debtor admitted to the debt and default in an affidavit.
Creative Capital Services Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against EMM BEE FINCAP PRIVATE LIMITED (Corporate Debtor/Corporate Guarantor). The Financial Creditor transferred 18,85,095 equity shares of M/s Emsons Organic Limited (Principal Borrower) to the Corporate Debtor for a consideration of INR 8,48,29,275/-. The Corporate Debtor failed to remit the agreed consideration, leading to a default. A Demand Promissory Note-cum-Corporate Loan Agreement was executed on 12.03.2012, and a subsequent agreement was executed on 18.12.2014, structured as a mortgage loan. A Corporate Guarantee Agreement was also executed in 2014. The Financial
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Creative Capital…
EMM BEE FINCAP…
The case involves a petition filed by Creative Capital Services Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against EMM BEE FINCAP PRIVATE LIMITED (Corporate Debtor/Corporate Guarantor). The Financial Creditor sought to recover a debt of INR 8,48,29,275/- arising from a transaction where the Financial Creditor transferred equity shares to the Principal Borrower, but the Corporate Debtor failed to remit the agreed consideration. The Financial Creditor had previously initiated arbitration proceedings and obtained an award in its favor against the Principal Borrower. The Corporate Debtor admitted to the debt and default in an affidavit.
Creative Capital Services Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against EMM BEE FINCAP PRIVATE LIMITED (Corporate Debtor/Corporate Guarantor). The Financial Creditor transferred 18,85,095 equity shares of M/s Emsons Organic Limited (Principal Borrower) to the Corporate Debtor for a consideration of INR 8,48,29,275/-. The Corporate Debtor failed to remit the agreed consideration, leading to a default. A Demand Promissory Note-cum-Corporate Loan Agreement was executed on 12.03.2012, and a subsequent agreement was executed on 18.12.2014, structured as a mortgage loan. A Corporate Guarantee Agreement was also executed in 2014. The Financial
…Creative Capital…
EMM BEE FINCAP…