The case involves a petition filed by Ramesh N Rughani (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Libra Fabric Designs Private Limited (Corporate Debtor). The petition is based on the alleged default in repayment of a debt of Rs. 2,20,53,593/-, which includes interest as of 10.12.2023. The debt was originally borrowed by the Corporate Debtor from Mr. Mehul Jayantilal Sedani (Original Lender) and later assigned to the Financial Creditor.
Libra Fabric Designs Private Limited (Corporate Debtor) received financial assistance of Rs. 1,58,26,045.56 from Mr. Mehul Jayantilal Sedani (Original Lender). Due to financial difficulties, the Corporate Debtor could not repay the loan. An assignment agreement dated 2019-07-22 was executed, transferring the debt to Ramesh N Rughani (Financial Creditor). The Corporate Debtor was to repay Rs. 1,58,26,045.56 plus 12% interest within 18 months. The 18-month period ended in January 2021, and the Corporate Debtor failed to pay. The Corporate Debtor requested an extension until November 2021 but still did not pay. The Financial Creditor sent a demand letter on 2023-04-03, seeking the amount plus 18% interest. The Corporate Debtor acknowledged the debt on 2023-04-18 but
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The case involves a petition filed by Ramesh N Rughani (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Libra Fabric Designs Private Limited (Corporate Debtor). The petition is based on the alleged default in repayment of a debt of Rs. 2,20,53,593/-, which includes interest as of 10.12.2023. The debt was originally borrowed by the Corporate Debtor from Mr. Mehul Jayantilal Sedani (Original Lender) and later assigned to the Financial Creditor.
Libra Fabric Designs Private Limited (Corporate Debtor) received financial assistance of Rs. 1,58,26,045.56 from Mr. Mehul Jayantilal Sedani (Original Lender). Due to financial difficulties, the Corporate Debtor could not repay the loan. An assignment agreement dated 2019-07-22 was executed, transferring the debt to Ramesh N Rughani (Financial Creditor). The Corporate Debtor was to repay Rs. 1,58,26,045.56 plus 12% interest within 18 months. The 18-month period ended in January 2021, and the Corporate Debtor failed to pay. The Corporate Debtor requested an extension until November 2021 but still did not pay. The Financial Creditor sent a demand letter on 2023-04-03, seeking the amount plus 18% interest. The Corporate Debtor acknowledged the debt on 2023-04-18 but
…Assignment agreement executed between the…
The 18-month period for…