Metamorphosis Trading LLP, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Kumar Motors Private Limited, the Corporate Debtor. The petition was based on a default in repayment of Rs. 8,70,03,275/-. The Financial Creditor acquired the debt from Innoventive Industries Limited, the original investor, through a Deed of Assignment following liquidation proceedings against Innoventive Industries Limited. The Corporate Debtor had previously denied the existence of the debt. Innoventive Industries Limited had filed a Company Petition for Winding Up of the Corporate Debtor in the Bombay High Court, which was later transferred to the NCLT. The
…Metamorphosis Trading LLP filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Kumar Motors Private Limited, claiming a default of Rs. 8,70,03,275. The debt originated from a Subscription and Share Holder's Agreement (SSA) between Innoventive Industries Limited and Kumar Motors Private Limited. Innoventive Industries Limited was admitted into CIRP, and Metamorphosis Trading LLP acquired the debt through a Deed of Assignment from the liquidator. The Corporate Debtor denied the existence of the debt and argued that the amount claimed was not a financial debt, as it was related to a share subscription agreement. The Corporate Debtor contended that the Financial Creditor was an investor, not a lender, and that no default
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Kumar Motors Private…
Corporate Debtor entered into a Subscription…
Metamorphosis Trading LLP, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Kumar Motors Private Limited, the Corporate Debtor. The petition was based on a default in repayment of Rs. 8,70,03,275/-. The Financial Creditor acquired the debt from Innoventive Industries Limited, the original investor, through a Deed of Assignment following liquidation proceedings against Innoventive Industries Limited. The Corporate Debtor had previously denied the existence of the debt. Innoventive Industries Limited had filed a Company Petition for Winding Up of the Corporate Debtor in the Bombay High Court, which was later transferred to the NCLT. The
…Metamorphosis Trading LLP filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Kumar Motors Private Limited, claiming a default of Rs. 8,70,03,275. The debt originated from a Subscription and Share Holder's Agreement (SSA) between Innoventive Industries Limited and Kumar Motors Private Limited. Innoventive Industries Limited was admitted into CIRP, and Metamorphosis Trading LLP acquired the debt through a Deed of Assignment from the liquidator. The Corporate Debtor denied the existence of the debt and argued that the amount claimed was not a financial debt, as it was related to a share subscription agreement. The Corporate Debtor contended that the Financial Creditor was an investor, not a lender, and that no default
…Kumar Motors Private…
Corporate Debtor entered into a Subscription…