Gateway Offshore Private Limited and Goodhope Software Private Limited, the Financial Creditors, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Runwal Realtors Private Limited, the Corporate Debtor. The petition was filed on 05.03.2019, claiming that the Corporate Debtor defaulted on a loan of Rs.4,43,00,000/- advanced by the Financial Creditors, along with interest at 9% p.a. The total amount claimed to be in default was Rs.5,02,80,500/- as of 03.07.2018.
Gateway Offshore Private Limited and Goodhope Software Private Limited (Financial Creditors) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Runwal Realtors Private Limited (Corporate Debtor) seeking to initiate CIRP. The Financial Creditors claimed that they had advanced a loan of Rs.4,43,00,000/- to the Corporate Debtor in June 2017, with interest at 9% p.a., for business expansion. The total amount in default was Rs.5,02,80,500/- as of 03.07.2018. The Corporate Debtor argued that the amount was disbursed for joint development of land and that there was no written loan agreement. The Corporate Debtor also relied on the Supreme Court's judgment in Swiss Ribbons vs Union of India, arguing that the absence of documentary evidence or
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Runwal Realtors Private…
Financial Creditors disbursed a loan of…
Gateway Offshore Private Limited and Goodhope Software Private Limited, the Financial Creditors, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Runwal Realtors Private Limited, the Corporate Debtor. The petition was filed on 05.03.2019, claiming that the Corporate Debtor defaulted on a loan of Rs.4,43,00,000/- advanced by the Financial Creditors, along with interest at 9% p.a. The total amount claimed to be in default was Rs.5,02,80,500/- as of 03.07.2018.
Gateway Offshore Private Limited and Goodhope Software Private Limited (Financial Creditors) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Runwal Realtors Private Limited (Corporate Debtor) seeking to initiate CIRP. The Financial Creditors claimed that they had advanced a loan of Rs.4,43,00,000/- to the Corporate Debtor in June 2017, with interest at 9% p.a., for business expansion. The total amount in default was Rs.5,02,80,500/- as of 03.07.2018. The Corporate Debtor argued that the amount was disbursed for joint development of land and that there was no written loan agreement. The Corporate Debtor also relied on the Supreme Court's judgment in Swiss Ribbons vs Union of India, arguing that the absence of documentary evidence or
…Runwal Realtors Private…
Financial Creditors disbursed a loan of…