The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Sulaiman Abdul Gaffor (Financial Creditor) against Stalwart International Trading Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claims a principal amount of Rs. 1,00,00,000/- along with an interest of Rs. 50,00,000/-. The Corporate Debtor allegedly defaulted on 20.08.2021. The Financial Creditor also filed an interlocutory application seeking an injunction against the Corporate Debtor from creating any encumbrance or alienating immovable property.
Sulaiman Abdul Gaffor, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Stalwart International Trading Private Limited, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor owed a principal amount of Rs. 1,00,00,000/- along with an interest of Rs. 50,00,000/-, totaling Rs. 1,50,00,000/-, with the date of default being 20.08.2021. The Financial Creditor submitted documents including a Memorandum of Understanding dated 23.11.2012, cheque copies, bank statements, emails, and a Letter of Undertaking dated 26.11.2014. The Financial Creditor had advanced KD 51,500 (Kuwaiti Dinars) equivalent to Rs.1,00,00,000/- to Solution Managers International as per the instructions of the Corporate
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Stalwart International…
Memorandum of…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Sulaiman Abdul Gaffor (Financial Creditor) against Stalwart International Trading Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claims a principal amount of Rs. 1,00,00,000/- along with an interest of Rs. 50,00,000/-. The Corporate Debtor allegedly defaulted on 20.08.2021. The Financial Creditor also filed an interlocutory application seeking an injunction against the Corporate Debtor from creating any encumbrance or alienating immovable property.
Sulaiman Abdul Gaffor, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Stalwart International Trading Private Limited, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor owed a principal amount of Rs. 1,00,00,000/- along with an interest of Rs. 50,00,000/-, totaling Rs. 1,50,00,000/-, with the date of default being 20.08.2021. The Financial Creditor submitted documents including a Memorandum of Understanding dated 23.11.2012, cheque copies, bank statements, emails, and a Letter of Undertaking dated 26.11.2014. The Financial Creditor had advanced KD 51,500 (Kuwaiti Dinars) equivalent to Rs.1,00,00,000/- to Solution Managers International as per the instructions of the Corporate
…Stalwart International…
Memorandum of…