The case involves an application filed by Raja Som Sehrawat, the Financial Creditor/Applicant, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Optiemus Infracom Limited, the Corporate Debtor/Respondent, for an alleged default of Rs. 3,30,00,000. The applicant claimed that the Corporate Debtor sought a short-term, interest-free loan in July 2020, promising repayment within three months (October 2020). The applicant disbursed the loan on 21.07.2020. The Corporate Debtor failed to repay the loan as promised, leading to the application for CIRP.
In July 2020, Mr. Ashok Gupta, the Managing Director of Optiemus Infracom Ltd. (Corporate Debtor), approached Raja Som Sehrawat (Financial Creditor) for a short-term, interest-free loan of Rs. 3,30,00,000, promising repayment within three months (October 2020). The loan was disbursed on 21.07.2020 via cheque, credited to the Corporate Debtor's account on 22.07.2020. After three months, the Financial Creditor demanded repayment, and the Corporate Debtor sought 15 days' extension, which was granted. Subsequently, the Corporate Debtor requested more time, citing plans to sell an immovable property in Noida. The Financial Creditor agreed to wait until 20.02.2021. On 20.02.2021, the Corporate Debtor stated they were interacting with interested parties but needed more time.
…Sign in to view the parties.
The Managing Director of the Corporate Debtor…
The Financial Creditor…
The case involves an application filed by Raja Som Sehrawat, the Financial Creditor/Applicant, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Optiemus Infracom Limited, the Corporate Debtor/Respondent, for an alleged default of Rs. 3,30,00,000. The applicant claimed that the Corporate Debtor sought a short-term, interest-free loan in July 2020, promising repayment within three months (October 2020). The applicant disbursed the loan on 21.07.2020. The Corporate Debtor failed to repay the loan as promised, leading to the application for CIRP.
In July 2020, Mr. Ashok Gupta, the Managing Director of Optiemus Infracom Ltd. (Corporate Debtor), approached Raja Som Sehrawat (Financial Creditor) for a short-term, interest-free loan of Rs. 3,30,00,000, promising repayment within three months (October 2020). The loan was disbursed on 21.07.2020 via cheque, credited to the Corporate Debtor's account on 22.07.2020. After three months, the Financial Creditor demanded repayment, and the Corporate Debtor sought 15 days' extension, which was granted. Subsequently, the Corporate Debtor requested more time, citing plans to sell an immovable property in Noida. The Financial Creditor agreed to wait until 20.02.2021. On 20.02.2021, the Corporate Debtor stated they were interacting with interested parties but needed more time.
…The Managing Director of the Corporate Debtor…
The Financial Creditor…