The case involves an application filed by Premjayanti Enterprises Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Shivam Water Treaters Private Limited. The applicant claimed that the corporate debtor defaulted on loan repayments. The corporate debtor contested the application, arguing that the debt was related to a joint venture agreement and that the principal amount had been paid, leaving only interest outstanding. The applicant argued that the loan was independent of the joint venture and that interest was also due.
Premjayanti Enterprises Private Limited (the applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Shivam Water Treaters Private Limited (the corporate debtor). The application was based on a claim of default on loans and advances made by the applicant to the corporate debtor. The applicant stated that in August 2016, it had provided loans and advances aggregating to Rs. 2,66,81,094.00 at 16% p.a. repayable on demand. The total default amount claimed was Rs. 1,00,46,246.17, including principal and interest. The corporate debtor had issued a cheque dated 10.09.2018 for repayment, which was dishonored, leading to proceedings under Section 138 of the NI Act. The corporate debtor argued that the debt was
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The case involves an application filed by Premjayanti Enterprises Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Shivam Water Treaters Private Limited. The applicant claimed that the corporate debtor defaulted on loan repayments. The corporate debtor contested the application, arguing that the debt was related to a joint venture agreement and that the principal amount had been paid, leaving only interest outstanding. The applicant argued that the loan was independent of the joint venture and that interest was also due.
Premjayanti Enterprises Private Limited (the applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Shivam Water Treaters Private Limited (the corporate debtor). The application was based on a claim of default on loans and advances made by the applicant to the corporate debtor. The applicant stated that in August 2016, it had provided loans and advances aggregating to Rs. 2,66,81,094.00 at 16% p.a. repayable on demand. The total default amount claimed was Rs. 1,00,46,246.17, including principal and interest. The corporate debtor had issued a cheque dated 10.09.2018 for repayment, which was dishonored, leading to proceedings under Section 138 of the NI Act. The corporate debtor argued that the debt was
…Application filed under…
Applicant provided…