The case involves an application (IA No. 1695/2023) filed by State Bank of India (SBI) seeking the dismissal of a Section 7 petition (IB-662(ND)/2022) filed by Santoshi Finlease Private Limited against Mothers Pride Dairy India Private Limited, the Corporate Debtor. SBI contends that the Section 7 petition was filed with malicious and fraudulent intent. The Corporate Debtor was previously admitted into CIRP based on an application by an ex-director, but the CIRP was later set aside by NCLAT. SBI, the sole secured financial creditor, then re-initiated SARFAESI action. Santoshi Finlease claims the Corporate Debtor defaulted on a loan agreement. SBI argues that the loan agreement was a Mittal-to-Mittal transaction, as members of the Mittal family controlled both Santoshi
…Santoshi Finlease Private Limited filed a Section 7 petition against Mothers Pride Dairy India Private Limited, claiming default on a loan agreement dated 17.08.2019. State Bank of India (SBI), the Corporate Debtor's lender, filed an application (IA No. 1695/2023) seeking dismissal of the Section 7 petition, alleging malicious and fraudulent intent. The promoters of Mothers Pride, Anant Kumar Chaudhary and Shalini Chaudhary, resigned and transferred their shares to Navneet Jain. Mothers Pride was previously admitted into CIRP based on an application by Shalini Choudhary, but the CIRP was set aside by NCLAT. SBI re-initiated SARFAESI action. The loan agreement was signed by Yug Mittal on behalf of Mothers Pride and Kriti Mittal on behalf of Santoshi Finlease. Yug Mittal
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A Memorandum of Understanding was executed…
The Mittal Family…
The case involves an application (IA No. 1695/2023) filed by State Bank of India (SBI) seeking the dismissal of a Section 7 petition (IB-662(ND)/2022) filed by Santoshi Finlease Private Limited against Mothers Pride Dairy India Private Limited, the Corporate Debtor. SBI contends that the Section 7 petition was filed with malicious and fraudulent intent. The Corporate Debtor was previously admitted into CIRP based on an application by an ex-director, but the CIRP was later set aside by NCLAT. SBI, the sole secured financial creditor, then re-initiated SARFAESI action. Santoshi Finlease claims the Corporate Debtor defaulted on a loan agreement. SBI argues that the loan agreement was a Mittal-to-Mittal transaction, as members of the Mittal family controlled both Santoshi
…Santoshi Finlease Private Limited filed a Section 7 petition against Mothers Pride Dairy India Private Limited, claiming default on a loan agreement dated 17.08.2019. State Bank of India (SBI), the Corporate Debtor's lender, filed an application (IA No. 1695/2023) seeking dismissal of the Section 7 petition, alleging malicious and fraudulent intent. The promoters of Mothers Pride, Anant Kumar Chaudhary and Shalini Chaudhary, resigned and transferred their shares to Navneet Jain. Mothers Pride was previously admitted into CIRP based on an application by Shalini Choudhary, but the CIRP was set aside by NCLAT. SBI re-initiated SARFAESI action. The loan agreement was signed by Yug Mittal on behalf of Mothers Pride and Kriti Mittal on behalf of Santoshi Finlease. Yug Mittal
…A Memorandum of Understanding was executed…
The Mittal Family…