Oversure Enterprises Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Siri Longview Tea & Agro Limited, alleging default on a loan of Rs. 25,00,000/- with 12% interest. The Financial Creditor claimed a total default amount of Rs. 25,25,000/- as of December 31, 2019, with the default date being August 28, 2019. The Corporate Debtor contested the petition, arguing that the transaction doesn't qualify as a 'Financial Debt' and raised concerns about the Financial Creditor's registration with the Reserve Bank of India. The Corporate Debtor also filed an application (I.A. (IB) No. 356/KB/2022) seeking reliefs related to income tax issues and adjustments.
Oversure Enterprises Private Limited (Financial Creditor) filed a petition against Siri Longview Tea & Agro Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming a default on a loan. The loan amount was Rs. 25,00,000/- with interest at 12% p.a. The Financial Creditor claimed the total default amount to be Rs. 25,25,000/- as of December 31, 2019, with the date of default being August 28, 2019. The Financial Creditor transferred Rs. 25,00,000/- to the Corporate Debtor on August 3, 2016. The Corporate Debtor issued a cheque for repayment, which was dishonored due to 'funds insufficient'. The Financial Creditor issued a notice under Section 138 of the Negotiable Instruments Act, 1881. The Corporate Debtor argued that the
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Oversure Enterprises Private Limited…
Siri Longview Tea &…
Oversure Enterprises Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Siri Longview Tea & Agro Limited, alleging default on a loan of Rs. 25,00,000/- with 12% interest. The Financial Creditor claimed a total default amount of Rs. 25,25,000/- as of December 31, 2019, with the default date being August 28, 2019. The Corporate Debtor contested the petition, arguing that the transaction doesn't qualify as a 'Financial Debt' and raised concerns about the Financial Creditor's registration with the Reserve Bank of India. The Corporate Debtor also filed an application (I.A. (IB) No. 356/KB/2022) seeking reliefs related to income tax issues and adjustments.
Oversure Enterprises Private Limited (Financial Creditor) filed a petition against Siri Longview Tea & Agro Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming a default on a loan. The loan amount was Rs. 25,00,000/- with interest at 12% p.a. The Financial Creditor claimed the total default amount to be Rs. 25,25,000/- as of December 31, 2019, with the date of default being August 28, 2019. The Financial Creditor transferred Rs. 25,00,000/- to the Corporate Debtor on August 3, 2016. The Corporate Debtor issued a cheque for repayment, which was dishonored due to 'funds insufficient'. The Financial Creditor issued a notice under Section 138 of the Negotiable Instruments Act, 1881. The Corporate Debtor argued that the
…Oversure Enterprises Private Limited…
Siri Longview Tea &…