The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Parul A Vora, the Financial Creditor, against Kavya Buildcon Private Limited, the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted on a financial debt. The Corporate Debtor contested the claim, arguing that the debt was owed by a partnership firm, Kavya Construction Co., in which the Corporate Debtor was a partner, and not directly by the Corporate Debtor itself. The Corporate Debtor also argued that the petition was not maintainable under Section 7 of the IBC.
Parul A Vora, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Kavya Buildcon Private Limited, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor defaulted on a financial debt. The Financial Creditor disbursed Rs. 5,25,000 to M/s Kavya Construction Co., a partnership firm, on 2009-10-12. The Corporate Debtor is a partner in Kavya Construction Co. The Financial Creditor submitted bank statements and confirmation of accounts to support the claim. The total outstanding amount due as of 2019-03-31 was Rs. 9,72,876, including interest calculated at 12% per annum. The Corporate Debtor argued that the debt was owed by the
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Kavya Buildcon Private…
Financial Creditor…
The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Parul A Vora, the Financial Creditor, against Kavya Buildcon Private Limited, the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted on a financial debt. The Corporate Debtor contested the claim, arguing that the debt was owed by a partnership firm, Kavya Construction Co., in which the Corporate Debtor was a partner, and not directly by the Corporate Debtor itself. The Corporate Debtor also argued that the petition was not maintainable under Section 7 of the IBC.
Parul A Vora, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Kavya Buildcon Private Limited, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor defaulted on a financial debt. The Financial Creditor disbursed Rs. 5,25,000 to M/s Kavya Construction Co., a partnership firm, on 2009-10-12. The Corporate Debtor is a partner in Kavya Construction Co. The Financial Creditor submitted bank statements and confirmation of accounts to support the claim. The total outstanding amount due as of 2019-03-31 was Rs. 9,72,876, including interest calculated at 12% per annum. The Corporate Debtor argued that the debt was owed by the
…Kavya Buildcon Private…
Financial Creditor…