The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Mr. Ahmed Alam Khan against M/s Golconda Textiles Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The financial creditor, Ahmed Alam Khan, claims that the corporate debtor defaulted on repayment of a financial debt exceeding one crore rupees. The corporate debtor contested the application, arguing that there was no valid financial debt and that the application lacked necessary documentation.
Mr. Ahmed Alam Khan, a financial creditor and also a director/shareholder of M/s Golconda Textiles Private Limited, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming that the corporate debtor defaulted on a financial debt exceeding one crore rupees. The financial creditor had lent a sum of Rs. 9,15,78,532/- to the corporate debtor as financial loans over time. The total amount due was claimed to be Rs. 18,28,95,628/-, including principal and interest. The corporate debtor argued that the financial creditor had not provided sufficient documentary proof of the debt and that the funds transferred were not commercial borrowings. The corporate debtor also pointed out that the financial creditor was a director and shareholder, and the
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Proposed Interim…
Order in CP(IB) 94/7/2022 pronounced, recorded…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Mr. Ahmed Alam Khan against M/s Golconda Textiles Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The financial creditor, Ahmed Alam Khan, claims that the corporate debtor defaulted on repayment of a financial debt exceeding one crore rupees. The corporate debtor contested the application, arguing that there was no valid financial debt and that the application lacked necessary documentation.
Mr. Ahmed Alam Khan, a financial creditor and also a director/shareholder of M/s Golconda Textiles Private Limited, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming that the corporate debtor defaulted on a financial debt exceeding one crore rupees. The financial creditor had lent a sum of Rs. 9,15,78,532/- to the corporate debtor as financial loans over time. The total amount due was claimed to be Rs. 18,28,95,628/-, including principal and interest. The corporate debtor argued that the financial creditor had not provided sufficient documentary proof of the debt and that the funds transferred were not commercial borrowings. The corporate debtor also pointed out that the financial creditor was a director and shareholder, and the
…Proposed Interim…
Order in CP(IB) 94/7/2022 pronounced, recorded…