The case involves a petition filed by Potti Bhaskar, the Financial Creditor, against Sri Ekshwaka Sands Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed that the Corporate Debtor defaulted on a debt of Rs. 55,47,414/-, including principal and interest. The Corporate Debtor argued that the amount was not a financial debt but a share application money. The Financial Creditor invested in the Corporate Debtor with the promise of allotment of equity shares, but the shares were not allotted, and the money was not repaid.
Mr. Potti Bhaskar, operating as Gayatri Minerals, is in the business of mineral processing and silica sand supply. Sri Ekshwaka Sands Private Limited, the Corporate Debtor, was incorporated on July 18, 2016, engaging in similar activities. The Corporate Debtor approached Mr. Bhaskar for investment to fund initial operations, promising equity shares. Mr. Bhaskar invested Rs. 67,41,700 in tranches from May 23, 2017. The Corporate Debtor returned Rs. 50,00,000 on October 13, 2017, citing technical issues in share allotment. The Corporate Debtor requested further investment, and Mr. Bhaskar invested Rs. 25,35,000. The Company Secretary sent emails on February 17, 2018, and September 24, 2018, requesting KYC details for Mr. Bhaskar's appointment as a director, contingent on
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Sri Ekshwaka Sands…
Potti Bhaskar invested…
The case involves a petition filed by Potti Bhaskar, the Financial Creditor, against Sri Ekshwaka Sands Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed that the Corporate Debtor defaulted on a debt of Rs. 55,47,414/-, including principal and interest. The Corporate Debtor argued that the amount was not a financial debt but a share application money. The Financial Creditor invested in the Corporate Debtor with the promise of allotment of equity shares, but the shares were not allotted, and the money was not repaid.
Mr. Potti Bhaskar, operating as Gayatri Minerals, is in the business of mineral processing and silica sand supply. Sri Ekshwaka Sands Private Limited, the Corporate Debtor, was incorporated on July 18, 2016, engaging in similar activities. The Corporate Debtor approached Mr. Bhaskar for investment to fund initial operations, promising equity shares. Mr. Bhaskar invested Rs. 67,41,700 in tranches from May 23, 2017. The Corporate Debtor returned Rs. 50,00,000 on October 13, 2017, citing technical issues in share allotment. The Corporate Debtor requested further investment, and Mr. Bhaskar invested Rs. 25,35,000. The Company Secretary sent emails on February 17, 2018, and September 24, 2018, requesting KYC details for Mr. Bhaskar's appointment as a director, contingent on
…Sri Ekshwaka Sands…
Potti Bhaskar invested…