The case involves a dispute between M/s Kaliber Associates Pvt. Ltd. (Financial Creditor/Applicant) and M/s Renu Proptech Pvt. Ltd. (Corporate Debtor/Respondent) regarding a financial debt of Rs. 3.31 Crores. Kaliber Associates initiated insolvency proceedings against Renu Proptech under Section 7 of the IBC, 2016. The Corporate Debtor argued that the amount was not a financial debt but an advance towards a property purchase and was adjusted against dues from Kaliber Associates to BDR Builders and Developers Private Limited, a sister concern. The Adjudicating Authority considered whether the amount was a financial debt, whether the balance sheet entry was sufficient proof, whether a business advance could be a financial debt, and whether the petition was barred by
…M/s Kaliber Associates Pvt. Ltd. (Financial Creditor) claimed that M/s Renu Proptech Pvt. Ltd. (Corporate Debtor) defaulted on a financial debt of Rs. 3.31 Crores. The Financial Creditor disbursed Rs. 2.31 Crores on 2016-01-14 and Rs. 1 Crore on 2016-01-20 to the Corporate Debtor. The Corporate Debtor contended that the amount was an advance towards a property purchase in Vasant Vihar, New Delhi, and was later adjusted against dues from the Financial Creditor to M/s BDR Builders and Developers Private Limited, a sister concern. Mr. Lalit Modi, an ex-director of the Financial Creditor, was involved in the transaction. The Corporate Debtor argued that the petition was barred by limitation, as it was filed on 2022-01-17, beyond the prescribed period. The Financial
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M/s Kaliber Associates…
M/s Kaliber Associates…
The case involves a dispute between M/s Kaliber Associates Pvt. Ltd. (Financial Creditor/Applicant) and M/s Renu Proptech Pvt. Ltd. (Corporate Debtor/Respondent) regarding a financial debt of Rs. 3.31 Crores. Kaliber Associates initiated insolvency proceedings against Renu Proptech under Section 7 of the IBC, 2016. The Corporate Debtor argued that the amount was not a financial debt but an advance towards a property purchase and was adjusted against dues from Kaliber Associates to BDR Builders and Developers Private Limited, a sister concern. The Adjudicating Authority considered whether the amount was a financial debt, whether the balance sheet entry was sufficient proof, whether a business advance could be a financial debt, and whether the petition was barred by
…M/s Kaliber Associates Pvt. Ltd. (Financial Creditor) claimed that M/s Renu Proptech Pvt. Ltd. (Corporate Debtor) defaulted on a financial debt of Rs. 3.31 Crores. The Financial Creditor disbursed Rs. 2.31 Crores on 2016-01-14 and Rs. 1 Crore on 2016-01-20 to the Corporate Debtor. The Corporate Debtor contended that the amount was an advance towards a property purchase in Vasant Vihar, New Delhi, and was later adjusted against dues from the Financial Creditor to M/s BDR Builders and Developers Private Limited, a sister concern. Mr. Lalit Modi, an ex-director of the Financial Creditor, was involved in the transaction. The Corporate Debtor argued that the petition was barred by limitation, as it was filed on 2022-01-17, beyond the prescribed period. The Financial
…M/s Kaliber Associates…
M/s Kaliber Associates…