The case involves a petition filed by Rushabh Civil Contractors Private Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Point Developers Private Limited, the Corporate Debtor. The Financial Creditor claims that the Corporate Debtor defaulted on loans and advances amounting to Rs. 9,56,83,836/-. The Corporate Debtor disputes the debt and the maintainability of the petition, arguing that the Financial Creditor has failed to substantiate how it falls within the ambit of a 'Financial Creditor' as defined under the Code, that no financial debt exists, and that the petition is time-barred.
Rushabh Civil Contractors Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Point Developers Private Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor had defaulted on loans and advances amounting to Rs. 9,56,83,836/-. The Corporate Debtor approached the Financial Creditor in 2016 seeking financial assistance. On 16.12.2016, the Financial Creditor transferred Rs. 3,50,00,000/- to the Corporate Debtor as an advance. The date of default was stated to be 07.12.2022. The Corporate Debtor disputed the debt and the maintainability of the petition, arguing that the Financial Creditor had failed to
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The Corporate Debtor approached the…
The Financial Creditor…
The case involves a petition filed by Rushabh Civil Contractors Private Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Point Developers Private Limited, the Corporate Debtor. The Financial Creditor claims that the Corporate Debtor defaulted on loans and advances amounting to Rs. 9,56,83,836/-. The Corporate Debtor disputes the debt and the maintainability of the petition, arguing that the Financial Creditor has failed to substantiate how it falls within the ambit of a 'Financial Creditor' as defined under the Code, that no financial debt exists, and that the petition is time-barred.
Rushabh Civil Contractors Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Point Developers Private Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor had defaulted on loans and advances amounting to Rs. 9,56,83,836/-. The Corporate Debtor approached the Financial Creditor in 2016 seeking financial assistance. On 16.12.2016, the Financial Creditor transferred Rs. 3,50,00,000/- to the Corporate Debtor as an advance. The date of default was stated to be 07.12.2022. The Corporate Debtor disputed the debt and the maintainability of the petition, arguing that the Financial Creditor had failed to
…The Corporate Debtor approached the…
The Financial Creditor…