The case involves a petition filed by Hindustan Candle Manufacturing Co. Pvt. Ltd. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Shamik Enterprises Private Limited (Corporate Debtor). The Financial Creditor alleges that the Corporate Debtor defaulted in making payments against Inter Corporate Deposits (ICDs). The Corporate Debtor raised objections regarding the maintainability of the petition, compliance with Section 7 of the Code, and alleged tampering of the Board Resolution submitted as authorization for initiating CIRP.
Hindustan Candle Manufacturing Co. Pvt. Ltd. (Financial Creditor) advanced amounts to Shamik Enterprises Private Limited (Corporate Debtor) as Inter Corporate Deposits (ICDs) between February 2013 and February 2017. The ICDs were repayable with interest at 12% p.a. The Corporate Debtor made some payments, but a significant amount remained unpaid. As of October 31, 2018, the total amount claimed to be in default was Rs. 31,70,49,730/-. The Corporate Debtor renewed the ICDs periodically and issued letters acknowledging the debt. The Corporate Debtor also made part payments towards interest. The Corporate Debtor raised objections regarding the maintainability of the petition, compliance with Section 7 of the Code, and alleged tampering of the Board Resolution. The
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The case involves a petition filed by Hindustan Candle Manufacturing Co. Pvt. Ltd. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Shamik Enterprises Private Limited (Corporate Debtor). The Financial Creditor alleges that the Corporate Debtor defaulted in making payments against Inter Corporate Deposits (ICDs). The Corporate Debtor raised objections regarding the maintainability of the petition, compliance with Section 7 of the Code, and alleged tampering of the Board Resolution submitted as authorization for initiating CIRP.
Hindustan Candle Manufacturing Co. Pvt. Ltd. (Financial Creditor) advanced amounts to Shamik Enterprises Private Limited (Corporate Debtor) as Inter Corporate Deposits (ICDs) between February 2013 and February 2017. The ICDs were repayable with interest at 12% p.a. The Corporate Debtor made some payments, but a significant amount remained unpaid. As of October 31, 2018, the total amount claimed to be in default was Rs. 31,70,49,730/-. The Corporate Debtor renewed the ICDs periodically and issued letters acknowledging the debt. The Corporate Debtor also made part payments towards interest. The Corporate Debtor raised objections regarding the maintainability of the petition, compliance with Section 7 of the Code, and alleged tampering of the Board Resolution. The
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Amount of Rs.…