The case involves a petition filed by AMI Corporation, through its sole proprietor Mr. Nipun Thakkar, against Shivam Parivar Developers Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. AMI Corporation, the Financial Creditor, claimed a default of Rs. 7,44,80,000/- along with interest. The Corporate Debtor, Shivam Parivar Developers Private Limited, is a private company incorporated in 2005. The Financial Creditor claimed that the Corporate Debtor defaulted on a Letter of Understanding dated 31.12.2017. Subsequent agreements and resolutions were made to repay the debt, but defaults continued. The Financial Creditor submitted that the debt was within the limitation period due to acknowledgements and fresh promises to pay by the Corporate
…AMI Corporation, through its sole proprietor Mr. Nipun Thakkar, filed a petition against Shivam Parivar Developers Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 7,44,80,000/- along with interest. The Corporate Debtor is a private company incorporated on 01/04/2005. The Financial Creditor and Corporate Debtor initially agreed to a joint development, but the conditions precedent were not fulfilled. The Corporate Debtor defaulted on a Letter of Understanding dated 31.12.2017 for Rs.6,65,00,000/- plus interest. A supplemental agreement dated 16.07.2018 agreed to pay Rs.7,44,80,000/- plus interest by 31.12.2018. A Board Resolution dated 13.07.2018 ratified the Letter of Understanding. The Financial Creditor sent a
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The present Petition was filed before this…
The Corporate Debtor defaulted in paying the…
The case involves a petition filed by AMI Corporation, through its sole proprietor Mr. Nipun Thakkar, against Shivam Parivar Developers Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. AMI Corporation, the Financial Creditor, claimed a default of Rs. 7,44,80,000/- along with interest. The Corporate Debtor, Shivam Parivar Developers Private Limited, is a private company incorporated in 2005. The Financial Creditor claimed that the Corporate Debtor defaulted on a Letter of Understanding dated 31.12.2017. Subsequent agreements and resolutions were made to repay the debt, but defaults continued. The Financial Creditor submitted that the debt was within the limitation period due to acknowledgements and fresh promises to pay by the Corporate
…AMI Corporation, through its sole proprietor Mr. Nipun Thakkar, filed a petition against Shivam Parivar Developers Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 7,44,80,000/- along with interest. The Corporate Debtor is a private company incorporated on 01/04/2005. The Financial Creditor and Corporate Debtor initially agreed to a joint development, but the conditions precedent were not fulfilled. The Corporate Debtor defaulted on a Letter of Understanding dated 31.12.2017 for Rs.6,65,00,000/- plus interest. A supplemental agreement dated 16.07.2018 agreed to pay Rs.7,44,80,000/- plus interest by 31.12.2018. A Board Resolution dated 13.07.2018 ratified the Letter of Understanding. The Financial Creditor sent a
…The present Petition was filed before this…
The Corporate Debtor defaulted in paying the…