Rungta Business Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shradha Agencies Private Limited, the Corporate Debtor. The petition was initially dismissed, then appealed to NCLAT, which remanded the matter back to the Adjudicating Authority. The Corporate Debtor further appealed to the Supreme Court, which dismissed the appeal, leaving all contentions open to be urged before the NCLT.
Rungta Business Private Limited (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shradha Agencies Private Limited (Corporate Debtor). The Financial Creditor claimed that it had extended an Inter Corporate Deposit (ICD) of Rs. 25,00,000/- to the Corporate Debtor on 16.08.2017, evidenced by a money receipt signed by the Corporate Debtor's Director, Late Rajeev Arora. The Financial Creditor also claimed that an interest of 12% per annum was charged on the ICD. The Corporate Debtor defaulted on the payment of the debt, and the Financial Creditor issued a demand notice on 10.06.2019. The Corporate Debtor denied the claim, alleging that the money
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Shradha Agencies…
Rungta Business Private Limited transferred Rs.…
Rungta Business Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shradha Agencies Private Limited, the Corporate Debtor. The petition was initially dismissed, then appealed to NCLAT, which remanded the matter back to the Adjudicating Authority. The Corporate Debtor further appealed to the Supreme Court, which dismissed the appeal, leaving all contentions open to be urged before the NCLT.
Rungta Business Private Limited (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shradha Agencies Private Limited (Corporate Debtor). The Financial Creditor claimed that it had extended an Inter Corporate Deposit (ICD) of Rs. 25,00,000/- to the Corporate Debtor on 16.08.2017, evidenced by a money receipt signed by the Corporate Debtor's Director, Late Rajeev Arora. The Financial Creditor also claimed that an interest of 12% per annum was charged on the ICD. The Corporate Debtor defaulted on the payment of the debt, and the Financial Creditor issued a demand notice on 10.06.2019. The Corporate Debtor denied the claim, alleging that the money
…Shradha Agencies…
Rungta Business Private Limited transferred Rs.…