The case involves an application filed by Sulaiman Abdul Gaffor, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, and Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against Stalwart International Trading Private Limited, the Corporate Debtor. The Financial Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The Corporate Debtor was set ex-parte after sufficient opportunity for appearance and representation was given.
Sulaiman Abdul Gaffor, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Stalwart International Trading Private Limited, the Corporate Debtor. The Financial Creditor claimed a principal amount of Rs.1,00,00,000/- along with an interest of Rs.50,00,000/-, with the date of default being 20.08.2021. The Financial Creditor had advanced KD 51,500 (equivalent to Rs.1,00,00,000/-) to Solution Managers International as per the instructions of the Corporate Debtor, evidenced by a cheque dated 20.11.2012 and a Memorandum of Understanding dated 23.11.2012. The Corporate Debtor had sought the amount to meet its finances in respect of a business called Solution Managers International in Kuwait. The
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Stalwart International Trading Private Limited…
Financial Creditor advanced KD 51,500 to…
The case involves an application filed by Sulaiman Abdul Gaffor, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, and Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against Stalwart International Trading Private Limited, the Corporate Debtor. The Financial Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The Corporate Debtor was set ex-parte after sufficient opportunity for appearance and representation was given.
Sulaiman Abdul Gaffor, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Stalwart International Trading Private Limited, the Corporate Debtor. The Financial Creditor claimed a principal amount of Rs.1,00,00,000/- along with an interest of Rs.50,00,000/-, with the date of default being 20.08.2021. The Financial Creditor had advanced KD 51,500 (equivalent to Rs.1,00,00,000/-) to Solution Managers International as per the instructions of the Corporate Debtor, evidenced by a cheque dated 20.11.2012 and a Memorandum of Understanding dated 23.11.2012. The Corporate Debtor had sought the amount to meet its finances in respect of a business called Solution Managers International in Kuwait. The
…Stalwart International Trading Private Limited…
Financial Creditor advanced KD 51,500 to…