The case pertains to a Company Petition filed by M/s. Nidhaan Enterprises, the Financial Creditor/Petitioner, under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Shah Housecon Private Limited, the Corporate Debtor, for an unresolved Financial Debt of Rs. 2,61,37,500/-. The Financial Creditor had previously filed a Company Petition (C.P. No 1385 of 2020) which was disposed of on 27.01.2021 based on consent terms entered between the parties.
M/s. Nidhaan Enterprises, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Shah Housecon Private Limited, the Corporate Debtor. The claim was for an unresolved Financial Debt of Rs. 2,61,37,500/-. The Financial Creditor had previously filed a Company Petition (C.P. No 1385 of 2020) which was disposed of on 27.01.2021 based on consent terms. The Financial Creditor submitted documents, records, and evidence of default related to sanctioning term loan facilities to the Corporate Debtor, including consent terms dated 25.01.2021, bank statements, and bounced cheques. The Corporate Debtor had paid the first installment of Rs. 1,50,00,000/-, but the second and third installments (Rs.
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The Financial Creditor…
The earlier Company Petition (C.P. No 1385…
The case pertains to a Company Petition filed by M/s. Nidhaan Enterprises, the Financial Creditor/Petitioner, under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Shah Housecon Private Limited, the Corporate Debtor, for an unresolved Financial Debt of Rs. 2,61,37,500/-. The Financial Creditor had previously filed a Company Petition (C.P. No 1385 of 2020) which was disposed of on 27.01.2021 based on consent terms entered between the parties.
M/s. Nidhaan Enterprises, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Shah Housecon Private Limited, the Corporate Debtor. The claim was for an unresolved Financial Debt of Rs. 2,61,37,500/-. The Financial Creditor had previously filed a Company Petition (C.P. No 1385 of 2020) which was disposed of on 27.01.2021 based on consent terms. The Financial Creditor submitted documents, records, and evidence of default related to sanctioning term loan facilities to the Corporate Debtor, including consent terms dated 25.01.2021, bank statements, and bounced cheques. The Corporate Debtor had paid the first installment of Rs. 1,50,00,000/-, but the second and third installments (Rs.
…The Financial Creditor…
The earlier Company Petition (C.P. No 1385…