Naman Global Impex Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Rathod Pharmachem Private Limited. The applicant claimed that Rs. 1.00 crore was paid to the corporate debtor as equity share application money, but the shares were not allotted, and the amount was not refunded. The corporate debtor contended that the amount was not intended as equity and that the applicant failed to provide additional funds as promised, leading to project delays.
Naman Global Impex Private Limited (the applicant) paid Rs. 1.00 crore to Rathod Pharmachem Private Limited (the corporate debtor) on 2020-11-11 as equity share application money. The shares were not allotted within 60 days, and the amount was not refunded within 15 days after the expiry of the 60-day period. The applicant claimed eligibility to receive Rs. 1,04,99,726/- including interest at 12% per annum. The corporate debtor contended that the amount was not intended as equity, the applicant never signed the share application form, and the applicant failed to provide additional funds as promised. The corporate debtor also argued that the applicant is not a financial creditor and the debt is not a financial debt under the IBC. The applicant argued that the respondent
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Naman Global Impex Private Limited paid Rs.…
Board Resolution dated 2021-06-09…
Naman Global Impex Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Rathod Pharmachem Private Limited. The applicant claimed that Rs. 1.00 crore was paid to the corporate debtor as equity share application money, but the shares were not allotted, and the amount was not refunded. The corporate debtor contended that the amount was not intended as equity and that the applicant failed to provide additional funds as promised, leading to project delays.
Naman Global Impex Private Limited (the applicant) paid Rs. 1.00 crore to Rathod Pharmachem Private Limited (the corporate debtor) on 2020-11-11 as equity share application money. The shares were not allotted within 60 days, and the amount was not refunded within 15 days after the expiry of the 60-day period. The applicant claimed eligibility to receive Rs. 1,04,99,726/- including interest at 12% per annum. The corporate debtor contended that the amount was not intended as equity, the applicant never signed the share application form, and the applicant failed to provide additional funds as promised. The corporate debtor also argued that the applicant is not a financial creditor and the debt is not a financial debt under the IBC. The applicant argued that the respondent
…Naman Global Impex Private Limited paid Rs.…
Board Resolution dated 2021-06-09…