The case involves an application (I.A./4964/2022) filed by a Financial Creditor, Vintage Footwear Pvt. Ltd., seeking to amend the main Company Application (C.P.(IB)355(ND)/2021) filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against I World Business Solutions Private Limited, the Corporate Debtor. The amendment pertains to the date of default, which the applicant initially mentioned as 15.07.2020 but now claims should be 15.04.2021. The Corporate Debtor opposes the amendment, arguing it's an attempt to circumvent Section 10A of the IBC, which excludes defaults arising during a specific COVID-19 pandemic period.
Vintage Footwear Pvt. Ltd., the Financial Creditor, filed a Company Application (C.P.(IB) No. 355(ND) of 2021) under Section 7 of the IBC against I World Business Solutions Private Limited, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default in payment of a financial debt amounting to Rs. 1,83,51,025 as of 31.03.2021. Initially, the date of default was mentioned as 15.07.2020 in the application. The Financial Creditor then filed an Interlocutory Application (I.A. 4964/2022) to amend the date of default to 15.04.2021, claiming the original date was inadvertently mentioned. The Corporate Debtor opposed the amendment, arguing that the actual default date was 15.07.2020, and amending it
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The Financial Creditor, Vintage Footwear Pvt.…
The Financial Creditor filed an…
The case involves an application (I.A./4964/2022) filed by a Financial Creditor, Vintage Footwear Pvt. Ltd., seeking to amend the main Company Application (C.P.(IB)355(ND)/2021) filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against I World Business Solutions Private Limited, the Corporate Debtor. The amendment pertains to the date of default, which the applicant initially mentioned as 15.07.2020 but now claims should be 15.04.2021. The Corporate Debtor opposes the amendment, arguing it's an attempt to circumvent Section 10A of the IBC, which excludes defaults arising during a specific COVID-19 pandemic period.
Vintage Footwear Pvt. Ltd., the Financial Creditor, filed a Company Application (C.P.(IB) No. 355(ND) of 2021) under Section 7 of the IBC against I World Business Solutions Private Limited, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default in payment of a financial debt amounting to Rs. 1,83,51,025 as of 31.03.2021. Initially, the date of default was mentioned as 15.07.2020 in the application. The Financial Creditor then filed an Interlocutory Application (I.A. 4964/2022) to amend the date of default to 15.04.2021, claiming the original date was inadvertently mentioned. The Corporate Debtor opposed the amendment, arguing that the actual default date was 15.07.2020, and amending it
…The Financial Creditor, Vintage Footwear Pvt.…
The Financial Creditor filed an…