The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by M/s Kaliber Associates Pvt. Ltd. (through its Liquidator, Mr. Mohan Lal Jain) against M/s Lion Buildcon Pvt. Ltd., seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant claims that the corporate debtor defaulted on a financial debt of Rs. 2,50,00,000. The petition was initially dismissed due to the petitioner's absence but was later restored. Several adjournments were granted to allow the corporate debtor to explore settlement possibilities, but no settlement materialized. The Adjudicating Authority considered the submissions of both parties, including arguments regarding the existence of a financial debt, the applicability
…M/s Kaliber Associates Pvt. Ltd., through its Liquidator Mr. Mohan Lal Jain, filed an application under Section 7 of the IBC, 2016, against M/s Lion Buildcon Pvt. Ltd., claiming a default on a financial debt of Rs. 2,50,00,000. The debt was disbursed in two tranches: Rs. 2,00,00,000 on 18.10.2013 and Rs. 50,00,000 on 09.11.2013. The initial petition was dismissed due to the petitioner's absence but was later restored. The Corporate Debtor (CD) sought adjournments for settlement, but no settlement materialized. The Financial Creditor (FC) presented a NeSL report, balance sheets, and bank statements as evidence of the debt and default. The CD argued that there was no financial agreement, no time value of money involved, and questioned the veracity of the NeSL report. The
…Sign in to view the parties.
The petition was listed afresh, but there was…
RA-175/2023 was…
The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by M/s Kaliber Associates Pvt. Ltd. (through its Liquidator, Mr. Mohan Lal Jain) against M/s Lion Buildcon Pvt. Ltd., seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant claims that the corporate debtor defaulted on a financial debt of Rs. 2,50,00,000. The petition was initially dismissed due to the petitioner's absence but was later restored. Several adjournments were granted to allow the corporate debtor to explore settlement possibilities, but no settlement materialized. The Adjudicating Authority considered the submissions of both parties, including arguments regarding the existence of a financial debt, the applicability
…M/s Kaliber Associates Pvt. Ltd., through its Liquidator Mr. Mohan Lal Jain, filed an application under Section 7 of the IBC, 2016, against M/s Lion Buildcon Pvt. Ltd., claiming a default on a financial debt of Rs. 2,50,00,000. The debt was disbursed in two tranches: Rs. 2,00,00,000 on 18.10.2013 and Rs. 50,00,000 on 09.11.2013. The initial petition was dismissed due to the petitioner's absence but was later restored. The Corporate Debtor (CD) sought adjournments for settlement, but no settlement materialized. The Financial Creditor (FC) presented a NeSL report, balance sheets, and bank statements as evidence of the debt and default. The CD argued that there was no financial agreement, no time value of money involved, and questioned the veracity of the NeSL report. The
…The petition was listed afresh, but there was…
RA-175/2023 was…