Creative Plastics Ltd. filed a company petition seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Rajesh Real Estate Developers Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, alleging default in payment. The Financial Creditor claimed that the Corporate Debtor failed to make payment of Rs. 3,43,38,953/-. The Corporate Debtor acknowledged a debt of Rs. 6,81,18,750/- as of 31.03.2019 and issued letters assuring repayment of principal and interest. Cheques issued were dishonored. A previous company petition was filed, and consent terms were entered into, but the Corporate Debtor defaulted again. The Financial Creditor cancelled the consent terms and filed the present petition.
Creative Plastics Ltd. (Financial Creditor) filed a petition against Rajesh Real Estate Developers Pvt. Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 3,43,38,953/-. The Corporate Debtor had earlier acknowledged a debt of Rs. 6,81,18,750/- as of 31.03.2019. The Corporate Debtor issued letters assuring repayment of principal and interest on loans amounting to Rs. 1,00,00,000/- each, with interest at 15% p.a., supported by demand promissory notes and post-dated cheques (PDCs). The issued cheques were dishonored. A previous company petition (CP No. 179/MB/2020) was filed, and the parties entered into consent terms on 03.09.2021, where the Corporate Debtor agreed to pay Rs. 8,87,75,000/-. The Corporate Debtor
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Financial Creditor advanced a loan of Rs. 9…
Rs. 3 crores was repaid…
Creative Plastics Ltd. filed a company petition seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Rajesh Real Estate Developers Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, alleging default in payment. The Financial Creditor claimed that the Corporate Debtor failed to make payment of Rs. 3,43,38,953/-. The Corporate Debtor acknowledged a debt of Rs. 6,81,18,750/- as of 31.03.2019 and issued letters assuring repayment of principal and interest. Cheques issued were dishonored. A previous company petition was filed, and consent terms were entered into, but the Corporate Debtor defaulted again. The Financial Creditor cancelled the consent terms and filed the present petition.
Creative Plastics Ltd. (Financial Creditor) filed a petition against Rajesh Real Estate Developers Pvt. Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 3,43,38,953/-. The Corporate Debtor had earlier acknowledged a debt of Rs. 6,81,18,750/- as of 31.03.2019. The Corporate Debtor issued letters assuring repayment of principal and interest on loans amounting to Rs. 1,00,00,000/- each, with interest at 15% p.a., supported by demand promissory notes and post-dated cheques (PDCs). The issued cheques were dishonored. A previous company petition (CP No. 179/MB/2020) was filed, and the parties entered into consent terms on 03.09.2021, where the Corporate Debtor agreed to pay Rs. 8,87,75,000/-. The Corporate Debtor
…Financial Creditor advanced a loan of Rs. 9…
Rs. 3 crores was repaid…