The case involves a petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, by S.R.C. Realtors Pvt. Ltd., Amar Nath Tekriwal, and Nevaan Agarbatti Pvt. Ltd. against Spencer Distilleries & Breweries Pvt. Ltd., seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The financial creditors claimed that the corporate debtor defaulted on a total amount of Rs. 1,70,00,000/- along with interest, with the date of default claimed as 05.03.2020. The petitioners had extended loans to the corporate debtor in the form of investments, proposing to allot equity shares in return. However, the corporate debtor allegedly failed to allot the shares or repay the borrowed amount.
S.R.C. Realtors Pvt. Ltd., Amar Nath Tekriwal, and Nevaan Agarbatti Pvt. Ltd. filed a joint petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Spencer Distilleries & Breweries Pvt. Ltd., seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petitioners claimed that the corporate debtor defaulted on a total amount of Rs. 1,70,00,000/- plus interest, with the date of default being 05.03.2020. The petitioners alleged that they had extended loans to the corporate debtor in the form of investments, with a proposal to allot equity shares in return. Specifically, S.R.C. Realtors Pvt. Ltd. transferred Rs. 50,00,000 on 23.08.2017, Amar Nath Tekriwal transferred Rs. 1,00,00,000 on 24.04.2017, and Nevaan Agarbatti Pvt. Ltd.
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S.R.C. Realtors Pvt. Ltd. transferred Rs.…
Amarnath Tekriwal…
The case involves a petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, by S.R.C. Realtors Pvt. Ltd., Amar Nath Tekriwal, and Nevaan Agarbatti Pvt. Ltd. against Spencer Distilleries & Breweries Pvt. Ltd., seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The financial creditors claimed that the corporate debtor defaulted on a total amount of Rs. 1,70,00,000/- along with interest, with the date of default claimed as 05.03.2020. The petitioners had extended loans to the corporate debtor in the form of investments, proposing to allot equity shares in return. However, the corporate debtor allegedly failed to allot the shares or repay the borrowed amount.
S.R.C. Realtors Pvt. Ltd., Amar Nath Tekriwal, and Nevaan Agarbatti Pvt. Ltd. filed a joint petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Spencer Distilleries & Breweries Pvt. Ltd., seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petitioners claimed that the corporate debtor defaulted on a total amount of Rs. 1,70,00,000/- plus interest, with the date of default being 05.03.2020. The petitioners alleged that they had extended loans to the corporate debtor in the form of investments, with a proposal to allot equity shares in return. Specifically, S.R.C. Realtors Pvt. Ltd. transferred Rs. 50,00,000 on 23.08.2017, Amar Nath Tekriwal transferred Rs. 1,00,00,000 on 24.04.2017, and Nevaan Agarbatti Pvt. Ltd.
…S.R.C. Realtors Pvt. Ltd. transferred Rs.…
Amarnath Tekriwal…