Proplarity Infratech Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sky High Technobuild Private Limited, citing a financial default of Rs. 4,70,00,000. The application was based on an alleged loan transaction where Proplarity Infratech claimed to have advanced Rs. 2,00,00,000 to Sky High Technobuild, with an interest rate of 18% p.a. The corporate debtor, Sky High Technobuild, contested the application, arguing that the transaction was not a financial debt but an advance for a property purchase, which was later forfeited due to non-payment of the balance amount. The NCLT examined whether the transaction qualified as a financial debt under
…Proplarity Infratech Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sky High Technobuild Private Limited (Corporate Debtor). The Financial Creditor claimed a financial default of Rs. 4,70,00,000, including principal and interest, based on a loan of Rs. 2,00,00,000 advanced to the Corporate Debtor. The Corporate Debtor argued that the Rs. 2,00,00,000 was an advance for purchasing land, not a loan, and was forfeited due to non-payment of the balance. The Financial Creditor's balance sheet showed the amount as 'Advance Against Property,' while the Corporate Debtor's balance sheet initially showed it as 'Inter Corporate Deposit' and
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Proplarity Infratech…
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Proplarity Infratech Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sky High Technobuild Private Limited, citing a financial default of Rs. 4,70,00,000. The application was based on an alleged loan transaction where Proplarity Infratech claimed to have advanced Rs. 2,00,00,000 to Sky High Technobuild, with an interest rate of 18% p.a. The corporate debtor, Sky High Technobuild, contested the application, arguing that the transaction was not a financial debt but an advance for a property purchase, which was later forfeited due to non-payment of the balance amount. The NCLT examined whether the transaction qualified as a financial debt under
…Proplarity Infratech Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sky High Technobuild Private Limited (Corporate Debtor). The Financial Creditor claimed a financial default of Rs. 4,70,00,000, including principal and interest, based on a loan of Rs. 2,00,00,000 advanced to the Corporate Debtor. The Corporate Debtor argued that the Rs. 2,00,00,000 was an advance for purchasing land, not a loan, and was forfeited due to non-payment of the balance. The Financial Creditor's balance sheet showed the amount as 'Advance Against Property,' while the Corporate Debtor's balance sheet initially showed it as 'Inter Corporate Deposit' and
…Proplarity Infratech…
Sky High Technobuild…