The case involves a petition filed by Suresh Tarachand Gundecha, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against My Own Eco Energy Private Limited, the Corporate Debtor. The Corporate Debtor had taken a refundable security deposit of Rs. 15,00,000 from the Operational Creditor for providing a dealership of a retail outlet. The Corporate Debtor issued a letter of intent but did not issue an appointment letter or enter into a dealership agreement. The Operational Creditor demanded a refund of the security deposit, but the Corporate Debtor failed to refund it, leading to the filing of this petition.
Suresh Tarachand Gundecha (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against My Own Eco Energy Private Limited (Corporate Debtor). The Corporate Debtor took a refundable security deposit of Rs. 15,00,000 from the Operational Creditor for providing a dealership of a retail outlet at NH-14 Village Bagawas, Sojat Dist-Pali, Rajasthan. The Operational Creditor paid the security deposit via Demand Draft No. 751011 on SBBJ dated 23.09.2016, which was acknowledged by the Corporate Debtor. The Corporate Debtor confirmed that the outlet would be operational within 90 days from 24.09.2016 (date of issuance of letter of intent). However, the Corporate Debtor
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The Operational Creditor paid a refundable…
The Corporate Debtor issued a letter of intent…
The case involves a petition filed by Suresh Tarachand Gundecha, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against My Own Eco Energy Private Limited, the Corporate Debtor. The Corporate Debtor had taken a refundable security deposit of Rs. 15,00,000 from the Operational Creditor for providing a dealership of a retail outlet. The Corporate Debtor issued a letter of intent but did not issue an appointment letter or enter into a dealership agreement. The Operational Creditor demanded a refund of the security deposit, but the Corporate Debtor failed to refund it, leading to the filing of this petition.
Suresh Tarachand Gundecha (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against My Own Eco Energy Private Limited (Corporate Debtor). The Corporate Debtor took a refundable security deposit of Rs. 15,00,000 from the Operational Creditor for providing a dealership of a retail outlet at NH-14 Village Bagawas, Sojat Dist-Pali, Rajasthan. The Operational Creditor paid the security deposit via Demand Draft No. 751011 on SBBJ dated 23.09.2016, which was acknowledged by the Corporate Debtor. The Corporate Debtor confirmed that the outlet would be operational within 90 days from 24.09.2016 (date of issuance of letter of intent). However, the Corporate Debtor
…The Operational Creditor paid a refundable…
The Corporate Debtor issued a letter of intent…