The case pertains to a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Invent Assets Securitization and Reconstruction Private Limited, acting as Trustee of Invent/1314/P6 Trust, against Starlite Jewels Private Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was filed on the ground that the Corporate Debtor defaulted on a loan of Rs. 5,83,65,000/- along with interest. The Financial Creditor claimed a total default amount of Rs. 41,08,63,314.07. The Corporate Debtor raised objections regarding the maintainability of the petition, citing the law of limitation.
Invent Assets Securitization and Reconstruction Private Limited, acting as Trustee of Invent/1314/P6 Trust, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Starlite Jewels Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was filed because Starlite Jewels Private Limited defaulted on a loan. The initial loan amount was Rs. 5,83,65,000/-, but the total amount claimed to be in default by the Financial Creditor is Rs. 41,08,63,314.07. The date of default was stated to be 31.03.2008. The Financial Creditor acquired the financial assets of the Corporate Debtor from Union Bank of India vide Registered Assignment Agreement dated 16.07.2014. The Corporate Debtor argued that the
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The present Petition…
The Corporate…
The case pertains to a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Invent Assets Securitization and Reconstruction Private Limited, acting as Trustee of Invent/1314/P6 Trust, against Starlite Jewels Private Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was filed on the ground that the Corporate Debtor defaulted on a loan of Rs. 5,83,65,000/- along with interest. The Financial Creditor claimed a total default amount of Rs. 41,08,63,314.07. The Corporate Debtor raised objections regarding the maintainability of the petition, citing the law of limitation.
Invent Assets Securitization and Reconstruction Private Limited, acting as Trustee of Invent/1314/P6 Trust, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Starlite Jewels Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was filed because Starlite Jewels Private Limited defaulted on a loan. The initial loan amount was Rs. 5,83,65,000/-, but the total amount claimed to be in default by the Financial Creditor is Rs. 41,08,63,314.07. The date of default was stated to be 31.03.2008. The Financial Creditor acquired the financial assets of the Corporate Debtor from Union Bank of India vide Registered Assignment Agreement dated 16.07.2014. The Corporate Debtor argued that the
…The present Petition…
The Corporate…