The case involves an application filed by Mr. Ishwar Punjabi, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Silver Jubilee Motors Limited, the Corporate Debtor. The Financial Creditor claimed a total amount of Rs. 17,12,97,358/- due as of 15.12.2021, including interest and overdue interest, from a principal amount of Rs. 31,55,50,000/- disbursed between December 2006 and July 2017. The Corporate Debtor, engaged in the sale of motor vehicles, had allegedly defaulted in repayment. The Corporate Debtor contested the application, arguing the absence of a formal financial contract, disputing the amount due, and claiming the application was barred by limitation and the
…Mr. Ishwar Punjabi, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Silver Jubilee Motors Limited, the Corporate Debtor. The Financial Creditor claimed that a total principal amount of Rs. 31,55,50,000/- was disbursed to the Corporate Debtor between December 2006 and July 2017. As of 15.12.2021, the Corporate Debtor had repaid Rs. 21,82,50,000/- towards principal and Rs. 8,27,22,125/- towards interest, but defaulted on the balance amount. The total amount due as of 15.12.2021 was claimed to be Rs. 17,12,97,358/-, including interest and overdue interest. The Corporate Debtor argued that there was no formal financial contract, disputed the amount
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The Corporate Debtor…
The Financial Creditor disbursed a total…
The case involves an application filed by Mr. Ishwar Punjabi, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Silver Jubilee Motors Limited, the Corporate Debtor. The Financial Creditor claimed a total amount of Rs. 17,12,97,358/- due as of 15.12.2021, including interest and overdue interest, from a principal amount of Rs. 31,55,50,000/- disbursed between December 2006 and July 2017. The Corporate Debtor, engaged in the sale of motor vehicles, had allegedly defaulted in repayment. The Corporate Debtor contested the application, arguing the absence of a formal financial contract, disputing the amount due, and claiming the application was barred by limitation and the
…Mr. Ishwar Punjabi, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Silver Jubilee Motors Limited, the Corporate Debtor. The Financial Creditor claimed that a total principal amount of Rs. 31,55,50,000/- was disbursed to the Corporate Debtor between December 2006 and July 2017. As of 15.12.2021, the Corporate Debtor had repaid Rs. 21,82,50,000/- towards principal and Rs. 8,27,22,125/- towards interest, but defaulted on the balance amount. The total amount due as of 15.12.2021 was claimed to be Rs. 17,12,97,358/-, including interest and overdue interest. The Corporate Debtor argued that there was no formal financial contract, disputed the amount
…The Corporate Debtor…
The Financial Creditor disbursed a total…