The case involves an application filed by Raja Som Sehrawat, the Financial Creditor/Applicant, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Optiemus Infracom Limited, the Corporate Debtor/Respondent. The alleged default amounts to 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 financial creditor extended the loan on 21.07.2020. The applicant claimed that the corporate debtor failed to repay the loan as promised, even after multiple extensions and assurances. The respondent argued that the application is barred by Section 10A of the IBC, as the
…In July 2020, the Managing Director of Optiemus Infracom Limited (Corporate Debtor), Mr. Ashok Gupta, approached Raja Som Sehrawat (Financial Creditor) for a short-term, interest-free loan of Rs. 3,30,00,000 to ease the company's financial difficulties, promising repayment within three months (October 2020). The Financial Creditor, trusting the assurances, extended the loan on 21.07.2020 via cheque, which was credited to the Corporate Debtor's account on 22.07.2020. After three months, the Financial Creditor demanded repayment. The Corporate Debtor sought a 15-day extension, which was granted. Subsequently, the Corporate Debtor requested more time, citing plans to sell an immovable property in Noida to repay the loan, requesting until 20.02.2021. The Financial Creditor
…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 (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Optiemus Infracom Limited, the Corporate Debtor/Respondent. The alleged default amounts to 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 financial creditor extended the loan on 21.07.2020. The applicant claimed that the corporate debtor failed to repay the loan as promised, even after multiple extensions and assurances. The respondent argued that the application is barred by Section 10A of the IBC, as the
…In July 2020, the Managing Director of Optiemus Infracom Limited (Corporate Debtor), Mr. Ashok Gupta, approached Raja Som Sehrawat (Financial Creditor) for a short-term, interest-free loan of Rs. 3,30,00,000 to ease the company's financial difficulties, promising repayment within three months (October 2020). The Financial Creditor, trusting the assurances, extended the loan on 21.07.2020 via cheque, which was credited to the Corporate Debtor's account on 22.07.2020. After three months, the Financial Creditor demanded repayment. The Corporate Debtor sought a 15-day extension, which was granted. Subsequently, the Corporate Debtor requested more time, citing plans to sell an immovable property in Noida to repay the loan, requesting until 20.02.2021. The Financial Creditor
…The Managing Director of the Corporate Debtor…
The Financial Creditor…