The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by M/s. Global Emerging Markets India Limited (Financial Creditor/Petitioner) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Lepakshi Heritage Wellness Village Private Limited (Corporate Debtor/Respondent). The financial creditor claimed a default of Rs. 25,84,94,000/-. The Corporate Debtor opposed the petition, contending that the Rs. 5 crore which forms the basis of instant proceedings is neither a financial debt in the first place as contemplated u/s 7 of IBC nor the Petitioner is Financial Creditor as contemplated under IBC.
M/s. Global Emerging Markets India Ltd. (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Lepakshi Heritage Wellness Village Private Limited (Corporate Debtor) for a default of Rs. 25,84,94,000/-. The Financial Creditor and Lepakshi Science and Technology Park Private Limited (Borrower) had executed an Inter Corporate Deposit (ICD) agreement on 19.03.2012, where Rs. 5,00,00,000/- was forwarded by the Financial Creditor to the Borrower. The ICD was executed in furtherance of a Memorandum of Understanding dated 07.01.2012 between the Financial Creditor and Lepakshi Knowledge Hub Private Limited (Project Proponent). The Corporate Debtor executed a
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The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by M/s. Global Emerging Markets India Limited (Financial Creditor/Petitioner) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Lepakshi Heritage Wellness Village Private Limited (Corporate Debtor/Respondent). The financial creditor claimed a default of Rs. 25,84,94,000/-. The Corporate Debtor opposed the petition, contending that the Rs. 5 crore which forms the basis of instant proceedings is neither a financial debt in the first place as contemplated u/s 7 of IBC nor the Petitioner is Financial Creditor as contemplated under IBC.
M/s. Global Emerging Markets India Ltd. (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Lepakshi Heritage Wellness Village Private Limited (Corporate Debtor) for a default of Rs. 25,84,94,000/-. The Financial Creditor and Lepakshi Science and Technology Park Private Limited (Borrower) had executed an Inter Corporate Deposit (ICD) agreement on 19.03.2012, where Rs. 5,00,00,000/- was forwarded by the Financial Creditor to the Borrower. The ICD was executed in furtherance of a Memorandum of Understanding dated 07.01.2012 between the Financial Creditor and Lepakshi Knowledge Hub Private Limited (Project Proponent). The Corporate Debtor executed a
…Memorandum of Agreement between the Government…
Memorandum of Understanding between Financial…