The case involves a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Invent Bio-Med Private Limited. The applicant, Prakash Ambure & Ors., claimed that the Corporate Debtor defaulted on a financial debt of Rs. 55,00,000/- with 18% interest from 01.11.2017. The Corporate Debtor argued that the petition was time-barred and the amount claimed was not a financial debt but share application money.
In January 2015, the Managing Director of Invent Bio-Med Private Limited (Corporate Debtor) requested Prakash Ambure & Ors. (Financial Creditors) to invest money in the company due to financial stress. Between February and June 2015, the Financial Creditors advanced Rs. 55,00,000/- to the Corporate Debtor as an investment. The Corporate Debtor was supposed to issue equity shares against this investment. An email dated 09.09.2015 from the Corporate Debtor requested mandate letters from the Financial Creditors for the allocation of equity shares. The Corporate Debtor failed to issue the equity shares. On 21.12.2016, the Financial Creditor requested a refund of the deposits. The Corporate Debtor acknowledged its liability to refund the amount in its trial balance as
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The Managing Director of the Corporate Debtor…
Between February and June 2015, the Financial…
The case involves a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Invent Bio-Med Private Limited. The applicant, Prakash Ambure & Ors., claimed that the Corporate Debtor defaulted on a financial debt of Rs. 55,00,000/- with 18% interest from 01.11.2017. The Corporate Debtor argued that the petition was time-barred and the amount claimed was not a financial debt but share application money.
In January 2015, the Managing Director of Invent Bio-Med Private Limited (Corporate Debtor) requested Prakash Ambure & Ors. (Financial Creditors) to invest money in the company due to financial stress. Between February and June 2015, the Financial Creditors advanced Rs. 55,00,000/- to the Corporate Debtor as an investment. The Corporate Debtor was supposed to issue equity shares against this investment. An email dated 09.09.2015 from the Corporate Debtor requested mandate letters from the Financial Creditors for the allocation of equity shares. The Corporate Debtor failed to issue the equity shares. On 21.12.2016, the Financial Creditor requested a refund of the deposits. The Corporate Debtor acknowledged its liability to refund the amount in its trial balance as
…The Managing Director of the Corporate Debtor…
Between February and June 2015, the Financial…