The case involves a petition filed by Needa Green Energy Private Limited (Financial Creditor) under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Hydroxy Systems Private Limited (Corporate Debtor) for alleged non-payment of Rs. 1,43,62,668/-, including interest. The Financial Creditor claims to have extended financial assistance to the Corporate Debtor, which the Corporate Debtor disputes.
Needa Green Energy Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Hydroxy Systems Private Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor owed Rs. 1,43,62,668/-, including interest, for a financial loan. The Financial Creditor transferred Rs. 65 lakhs to the Corporate Debtor's bank account, and a draft MOU acknowledging the debt was prepared but not signed. Subsequently, the Financial Creditor transferred an additional Rs. 43,59,000/-. The Corporate Debtor denied the debt, claiming the funds were for research and equipment repairs. The Financial Creditor filed a police complaint alleging the Corporate Debtor forcibly took money, which contradicts the loan
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The Insolvency &…
Needa Green Energy…
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The case involves a petition filed by Needa Green Energy Private Limited (Financial Creditor) under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Hydroxy Systems Private Limited (Corporate Debtor) for alleged non-payment of Rs. 1,43,62,668/-, including interest. The Financial Creditor claims to have extended financial assistance to the Corporate Debtor, which the Corporate Debtor disputes.
Needa Green Energy Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Hydroxy Systems Private Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor owed Rs. 1,43,62,668/-, including interest, for a financial loan. The Financial Creditor transferred Rs. 65 lakhs to the Corporate Debtor's bank account, and a draft MOU acknowledging the debt was prepared but not signed. Subsequently, the Financial Creditor transferred an additional Rs. 43,59,000/-. The Corporate Debtor denied the debt, claiming the funds were for research and equipment repairs. The Financial Creditor filed a police complaint alleging the Corporate Debtor forcibly took money, which contradicts the loan
…The Insolvency &…
Needa Green Energy…
Sign in to view related legal provisions.