The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by P. Jayabalan, the Financial Creditor, against Sapphire Clothing Company India Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claims that the Corporate Debtor defaulted on a debt of Rs. 1,24,04,630.57. The Corporate Debtor acknowledges the debt but disputes the calculation and claims the applicant obtained signatures on blank papers. The Adjudicating Authority is considering whether to admit the application for CIRP.
P. Jayabalan, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sapphire Clothing Company India Private Limited, the Corporate Debtor. The Financial Creditor claims that the Corporate Debtor defaulted on a debt of Rs. 1,24,04,630.57. The Corporate Debtor is a private limited company incorporated on 04.05.2005. The Financial Creditor started providing financial assistance to the Corporate Debtor based on board resolutions dated 01.04.2022 and 28.04.2022. The total payment made by the Financial Creditor was Rs. 2,40,28,630.57, out of which Rs. 1,16,24,000 was repaid, leaving a balance of Rs. 1,24,04,630.57. The Corporate Debtor agreed to repay the
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Sapphire Clothing Company India Private Limited…
Board Resolution of…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by P. Jayabalan, the Financial Creditor, against Sapphire Clothing Company India Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claims that the Corporate Debtor defaulted on a debt of Rs. 1,24,04,630.57. The Corporate Debtor acknowledges the debt but disputes the calculation and claims the applicant obtained signatures on blank papers. The Adjudicating Authority is considering whether to admit the application for CIRP.
P. Jayabalan, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sapphire Clothing Company India Private Limited, the Corporate Debtor. The Financial Creditor claims that the Corporate Debtor defaulted on a debt of Rs. 1,24,04,630.57. The Corporate Debtor is a private limited company incorporated on 04.05.2005. The Financial Creditor started providing financial assistance to the Corporate Debtor based on board resolutions dated 01.04.2022 and 28.04.2022. The total payment made by the Financial Creditor was Rs. 2,40,28,630.57, out of which Rs. 1,16,24,000 was repaid, leaving a balance of Rs. 1,24,04,630.57. The Corporate Debtor agreed to repay the
…Sapphire Clothing Company India Private Limited…
Board Resolution of…