The case involves an application filed by Mr. Prashant Kumar, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. S-Tech Hotels & Resort India Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on an outstanding amount of Rs. 1,19,99,445 as of March 1, 2018. The applicant is the younger brother of Sh. Umesh Prasad Singh. The family of Sh. Umesh Prasad Singh and family of Sh. Indrajeet Singh and Sh. Sanjay Yadav (brothers) were known to each other and had friendly relations. The brothers namely Sh. Indrajeet Singh and Sh. Sanjay Yadav, (Directors of Corporate Debtor) brought the proposal to Sh. Umesh
…Mr. Prashant Kumar, the applicant and younger brother of Sh. Umesh Prasad Singh, filed an application under Section 9 of the IBC to initiate CIRP against M/s. S-Tech Hotels & Resort India Private Limited, the corporate debtor, for defaulting on an outstanding amount of Rs. 1,19,99,445 as of March 1, 2018. The applicant claimed the amount was an investment in the corporate debtor for purchasing "Corbett Hill View Resort". The directors of the corporate debtor, Sh. Indrajeet Singh and Sh. Sanjay Yadav, assured that the applicant would be made a director and allotted proportionate shares. The applicant was made an Executant/purchaser and CEO of the corporate debtor. However, no shares were issued, and Sh. Umesh Prasad Singh was removed as a director without
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A legal notice was served by Shri Inderjeet…
The Operational Creditor claimed that the…
The case involves an application filed by Mr. Prashant Kumar, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. S-Tech Hotels & Resort India Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on an outstanding amount of Rs. 1,19,99,445 as of March 1, 2018. The applicant is the younger brother of Sh. Umesh Prasad Singh. The family of Sh. Umesh Prasad Singh and family of Sh. Indrajeet Singh and Sh. Sanjay Yadav (brothers) were known to each other and had friendly relations. The brothers namely Sh. Indrajeet Singh and Sh. Sanjay Yadav, (Directors of Corporate Debtor) brought the proposal to Sh. Umesh
…Mr. Prashant Kumar, the applicant and younger brother of Sh. Umesh Prasad Singh, filed an application under Section 9 of the IBC to initiate CIRP against M/s. S-Tech Hotels & Resort India Private Limited, the corporate debtor, for defaulting on an outstanding amount of Rs. 1,19,99,445 as of March 1, 2018. The applicant claimed the amount was an investment in the corporate debtor for purchasing "Corbett Hill View Resort". The directors of the corporate debtor, Sh. Indrajeet Singh and Sh. Sanjay Yadav, assured that the applicant would be made a director and allotted proportionate shares. The applicant was made an Executant/purchaser and CEO of the corporate debtor. However, no shares were issued, and Sh. Umesh Prasad Singh was removed as a director without
…A legal notice was served by Shri Inderjeet…
The Operational Creditor claimed that the…