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 submitted that the Corporate Debtor defaulted in paying the financial debt as per a Letter of Understanding dated 31.12.2017 and a subsequent supplemental agreement. The Corporate Debtor acknowledged the debt and sought extensions for repayment. The Financial Creditor argued that the debt was within the limitation period due to
…AMI Corporation, through Mr. Nipun Thakkar, filed a petition against Shivam Parivar Developers Private Limited under Section 7 of the IBC, claiming a default of Rs. 7,44,80,000/- plus interest. The Corporate Debtor is a private company incorporated in 2005. The Financial Creditor advanced Rs. 3,74,38,800/- to the Corporate Debtor in 2009-2010 for a joint development project that did not materialize. A Letter of Understanding dated 31.12.2017 indicated a default of Rs. 6,65,00,000/- plus interest. A supplemental letter dated 16.07.2018 agreed to pay Rs. 7,44,80,000/- plus interest by 31.12.2018. The Corporate Debtor's Board of Directors passed a resolution on 13.07.2018 confirming the debt. The Financial Creditor sent a letter on 04.07.2018 demanding repayment. The
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Shivam Parivar…
Between 2009-2010, AMI Corporation advanced…
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 submitted that the Corporate Debtor defaulted in paying the financial debt as per a Letter of Understanding dated 31.12.2017 and a subsequent supplemental agreement. The Corporate Debtor acknowledged the debt and sought extensions for repayment. The Financial Creditor argued that the debt was within the limitation period due to
…AMI Corporation, through Mr. Nipun Thakkar, filed a petition against Shivam Parivar Developers Private Limited under Section 7 of the IBC, claiming a default of Rs. 7,44,80,000/- plus interest. The Corporate Debtor is a private company incorporated in 2005. The Financial Creditor advanced Rs. 3,74,38,800/- to the Corporate Debtor in 2009-2010 for a joint development project that did not materialize. A Letter of Understanding dated 31.12.2017 indicated a default of Rs. 6,65,00,000/- plus interest. A supplemental letter dated 16.07.2018 agreed to pay Rs. 7,44,80,000/- plus interest by 31.12.2018. The Corporate Debtor's Board of Directors passed a resolution on 13.07.2018 confirming the debt. The Financial Creditor sent a letter on 04.07.2018 demanding repayment. The
…Shivam Parivar…
Between 2009-2010, AMI Corporation advanced…