Gateway Leasing Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against R M Bhuther & Company Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed a default of Rs. 1,15,88,470/-, comprising principal, interest, and other charges. The corporate debtor contested the claim, arguing that the debt was part of a larger lending transaction and that the cheques issued were for security and were to be replaced. The corporate debtor also argued that the default date should be considered as May 2020, which would fall under the period where initiation of CIRP was suspended due to the Insolvency and Bankruptcy Code (Second Amendment) Act, 2020.
Gateway Leasing Private Limited (Financial Creditor) provided two inter-corporate deposits (ICD 1 and ICD 2) to R M Bhuther & Company Limited (Corporate Debtor) in October 2019, each for Rs. 50,00,000/-. The Financial Creditor disbursed ICD 1 on October 18, 2019, and ICD 2 on October 19, 2019. The total debt claimed by the Financial Creditor was Rs. 1,15,88,470/-, including principal, interest, and other charges. The Corporate Debtor issued cheques dated February 28, 2020, for repayment of the principal and interest on ICD 1 and ICD 2. These cheques were dishonored due to 'Funds Insufficient'. The Corporate Debtor claimed that the debt was part of a larger lending transaction dating back to 2015-2016 and that the cheques were issued as security and were to be
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Gateway Leasing Private Limited disbursed…
Gateway Leasing Private Limited disbursed…
Gateway Leasing Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against R M Bhuther & Company Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed a default of Rs. 1,15,88,470/-, comprising principal, interest, and other charges. The corporate debtor contested the claim, arguing that the debt was part of a larger lending transaction and that the cheques issued were for security and were to be replaced. The corporate debtor also argued that the default date should be considered as May 2020, which would fall under the period where initiation of CIRP was suspended due to the Insolvency and Bankruptcy Code (Second Amendment) Act, 2020.
Gateway Leasing Private Limited (Financial Creditor) provided two inter-corporate deposits (ICD 1 and ICD 2) to R M Bhuther & Company Limited (Corporate Debtor) in October 2019, each for Rs. 50,00,000/-. The Financial Creditor disbursed ICD 1 on October 18, 2019, and ICD 2 on October 19, 2019. The total debt claimed by the Financial Creditor was Rs. 1,15,88,470/-, including principal, interest, and other charges. The Corporate Debtor issued cheques dated February 28, 2020, for repayment of the principal and interest on ICD 1 and ICD 2. These cheques were dishonored due to 'Funds Insufficient'. The Corporate Debtor claimed that the debt was part of a larger lending transaction dating back to 2015-2016 and that the cheques were issued as security and were to be
…Gateway Leasing Private Limited disbursed…
Gateway Leasing Private Limited disbursed…