Malco Gems, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Prince Foundations Limited, the corporate debtor, due to a default of Rs. 29,32,14,975/-. The petitioner claimed to have disbursed monies to the respondent between 2020 and 2021, which the respondent acknowledged through a demand promissory note.
Malco Gems, represented by its Sole Proprietor Mr. Jitendra Singh Rathour, filed a petition under Section 7 of IBC against Prince Foundations Limited.
The petition claims a financial debt of Rs. 29,32,14,975/- with the date of default as 14.08.2022.
The Petitioner disbursed monies to the Respondent/Corporate Debtor from time to time through regular banking channels between 14.09.2020 to 18.08.2021, amounting to Rs. 16,90,50,000/-.
The Corporate Debtor executed a Demand Promissory Note on 31.03.2022 in favour of the Petitioner acknowledging the outstanding liability.
The Petitioner issued a demand notice dated 30.07.2022, which was served on the Corporate Debtor on 03.08.2022, but the Corporate Debtor neither replied nor made any repayment.
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The Petitioner disbursed monies to the…
The Petitioner disbursed monies to the…
Malco Gems, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Prince Foundations Limited, the corporate debtor, due to a default of Rs. 29,32,14,975/-. The petitioner claimed to have disbursed monies to the respondent between 2020 and 2021, which the respondent acknowledged through a demand promissory note.
Malco Gems, represented by its Sole Proprietor Mr. Jitendra Singh Rathour, filed a petition under Section 7 of IBC against Prince Foundations Limited.
The petition claims a financial debt of Rs. 29,32,14,975/- with the date of default as 14.08.2022.
The Petitioner disbursed monies to the Respondent/Corporate Debtor from time to time through regular banking channels between 14.09.2020 to 18.08.2021, amounting to Rs. 16,90,50,000/-.
The Corporate Debtor executed a Demand Promissory Note on 31.03.2022 in favour of the Petitioner acknowledging the outstanding liability.
The Petitioner issued a demand notice dated 30.07.2022, which was served on the Corporate Debtor on 03.08.2022, but the Corporate Debtor neither replied nor made any repayment.
…The Petitioner disbursed monies to the…
The Petitioner disbursed monies to the…