Rupal Bhupendra Shah, the financial creditor/applicant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate a Corporate Insolvency Resolution Process (CIRP) against Sahaj Fashions Limited, the corporate debtor/respondent. The application was filed on 13.08.2021. The corporate debtor raised an objection regarding the maintainability of the petition, arguing that the application did not meet the minimum threshold limit as prescribed under the IBC for the initiation of CIRP. The corporate debtor contended that as per the notification dated 24.03.2020, the minimum threshold limit under Section 4 of IBC had been fixed at Rs. 1,00,00,000/- (Rupees One Crore) for the initiation of CIRP, while the applicant claimed a defaulted
…Rupal Bhupendra Shah (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sahaj Fashions Limited (Corporate Debtor) on 13.08.2021. The Financial Creditor had given an unsecured loan of Rs. 12,00,000/- to the Corporate Debtor on 17.04.2017, with a mutually agreed interest rate of 1.5% per month. The Corporate Debtor paid Rs. 4,87,500/- as interest until April 2019. The Financial Creditor requested payment of Rs. 16,51,000/- (including principal and interest) via email on 09.11.2020, but the Corporate Debtor failed to pay. A demand notice was sent on 10.12.2020 for Rs. 16,70,500/-, but the Corporate Debtor neither replied nor paid. The Corporate Debtor
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Financial Creditor gave an unsecured loan of…
Corporate Debtor paid…
Rupal Bhupendra Shah, the financial creditor/applicant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate a Corporate Insolvency Resolution Process (CIRP) against Sahaj Fashions Limited, the corporate debtor/respondent. The application was filed on 13.08.2021. The corporate debtor raised an objection regarding the maintainability of the petition, arguing that the application did not meet the minimum threshold limit as prescribed under the IBC for the initiation of CIRP. The corporate debtor contended that as per the notification dated 24.03.2020, the minimum threshold limit under Section 4 of IBC had been fixed at Rs. 1,00,00,000/- (Rupees One Crore) for the initiation of CIRP, while the applicant claimed a defaulted
…Rupal Bhupendra Shah (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sahaj Fashions Limited (Corporate Debtor) on 13.08.2021. The Financial Creditor had given an unsecured loan of Rs. 12,00,000/- to the Corporate Debtor on 17.04.2017, with a mutually agreed interest rate of 1.5% per month. The Corporate Debtor paid Rs. 4,87,500/- as interest until April 2019. The Financial Creditor requested payment of Rs. 16,51,000/- (including principal and interest) via email on 09.11.2020, but the Corporate Debtor failed to pay. A demand notice was sent on 10.12.2020 for Rs. 16,70,500/-, but the Corporate Debtor neither replied nor paid. The Corporate Debtor
…Financial Creditor gave an unsecured loan of…
Corporate Debtor paid…