The case involves an application filed by Keta Parth Patel, a shareholder of Manglam Paper Private Limited, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate a Corporate Insolvency Resolution Process (CIRP) against the company. Patel claims to be a financial creditor due to financial assistance provided to Manglam Paper Private Limited. The application was filed due to the corporate debtor's failure to repay the amount.
Keta Parth Patel, a shareholder of Manglam Paper Private Limited, filed an application under Section 7 of the IBC to initiate CIRP against the company, claiming to be a financial creditor. The amount of debt claimed was Rs. 1,12,10,860.00 as of 24.03.2023, with the date of default being 01.12.2021. Patel had provided financial assistance to the company, which was supposed to be repaid by 02.08.2021. The company issued a letter on 18.09.2021 requesting a meeting for an amicable solution, and a Memorandum of Understanding (MOU) was entered into on 01.10.2021, with the company agreeing to repay the amount within 60 days. However, the company failed to repay. The company acknowledged receiving financial assistance but stated that payments were made until 03.08.2021, after
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The corporate debtor…
The applicant called upon the Corporate…
The case involves an application filed by Keta Parth Patel, a shareholder of Manglam Paper Private Limited, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate a Corporate Insolvency Resolution Process (CIRP) against the company. Patel claims to be a financial creditor due to financial assistance provided to Manglam Paper Private Limited. The application was filed due to the corporate debtor's failure to repay the amount.
Keta Parth Patel, a shareholder of Manglam Paper Private Limited, filed an application under Section 7 of the IBC to initiate CIRP against the company, claiming to be a financial creditor. The amount of debt claimed was Rs. 1,12,10,860.00 as of 24.03.2023, with the date of default being 01.12.2021. Patel had provided financial assistance to the company, which was supposed to be repaid by 02.08.2021. The company issued a letter on 18.09.2021 requesting a meeting for an amicable solution, and a Memorandum of Understanding (MOU) was entered into on 01.10.2021, with the company agreeing to repay the amount within 60 days. However, the company failed to repay. The company acknowledged receiving financial assistance but stated that payments were made until 03.08.2021, after
…The corporate debtor…
The applicant called upon the Corporate…