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 applicant contended that this constituted a financial debt, entitling them to initiate CIRP. The corporate debtor argued that the amount was not intended as equity, no share application form was signed, and the applicant failed to provide additional funds as promised, leading to project delays.
Naman Global Impex Private Limited (the applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Rathod Pharmachem Private Limited (the corporate debtor). The applicant claimed to have paid Rs. 1.00 crore to the corporate debtor on 11.11.2020 as equity share application money. The shares were not allotted, and the amount was not refunded. The applicant claimed an entitlement to 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 argued that the applicant is not a financial creditor and the debt is not a
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The applicant, Naman Global Impex Private…
The corporate debtor allegedly defaulted on its…
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 applicant contended that this constituted a financial debt, entitling them to initiate CIRP. The corporate debtor argued that the amount was not intended as equity, no share application form was signed, and the applicant failed to provide additional funds as promised, leading to project delays.
Naman Global Impex Private Limited (the applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Rathod Pharmachem Private Limited (the corporate debtor). The applicant claimed to have paid Rs. 1.00 crore to the corporate debtor on 11.11.2020 as equity share application money. The shares were not allotted, and the amount was not refunded. The applicant claimed an entitlement to 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 argued that the applicant is not a financial creditor and the debt is not a
…The applicant, Naman Global Impex Private…
The corporate debtor allegedly defaulted on its…