The case involves an application (IA No. 3541/2023) filed in connection with a petition (C.P. (IB) 259/MB/2024) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Rolta Private Limited, the financial creditor, seeks to amend the petition filed against Streamcast Education Services Pvt. Ltd., the corporate debtor, regarding a short-term loan of INR 1,50,00,000 disbursed in three tranches. The financial creditor claims default occurred on the first two tranches on August 1, 2019, and on the third tranche on August 2, 2019, or alternatively, on February 26, 2020. The corporate debtor opposes the amendment, arguing it aims to circumvent Section 10A of the IBC by altering the date of default to fall outside the prohibited period.
Rolta Private Limited (Financial Creditor) disbursed a short-term loan of INR 1,50,00,000 to Streamcast Education Services Pvt. Ltd. (Corporate Debtor) in three tranches: (i) INR 50,00,000 on July 11, 2019, (ii) INR 50,00,000 on July 15, 2019, and (iii) INR 50,00,000 on August 1, 2019. The first two tranches were due on July 31, 2019, and the third tranche was due on August 1, 2019. The Corporate Debtor allegedly defaulted on all three tranches. The Financial Creditor claims the first two tranches defaulted on August 1, 2019, and the third tranche defaulted on August 2, 2019, or alternatively, on February 26, 2020, based on an email dated June 17, 2020. The Financial Creditor filed a petition under Section 7 of the IBC against the Corporate Debtor and subsequently
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Rolta Private Limited…
Rolta Private Limited…
The case involves an application (IA No. 3541/2023) filed in connection with a petition (C.P. (IB) 259/MB/2024) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Rolta Private Limited, the financial creditor, seeks to amend the petition filed against Streamcast Education Services Pvt. Ltd., the corporate debtor, regarding a short-term loan of INR 1,50,00,000 disbursed in three tranches. The financial creditor claims default occurred on the first two tranches on August 1, 2019, and on the third tranche on August 2, 2019, or alternatively, on February 26, 2020. The corporate debtor opposes the amendment, arguing it aims to circumvent Section 10A of the IBC by altering the date of default to fall outside the prohibited period.
Rolta Private Limited (Financial Creditor) disbursed a short-term loan of INR 1,50,00,000 to Streamcast Education Services Pvt. Ltd. (Corporate Debtor) in three tranches: (i) INR 50,00,000 on July 11, 2019, (ii) INR 50,00,000 on July 15, 2019, and (iii) INR 50,00,000 on August 1, 2019. The first two tranches were due on July 31, 2019, and the third tranche was due on August 1, 2019. The Corporate Debtor allegedly defaulted on all three tranches. The Financial Creditor claims the first two tranches defaulted on August 1, 2019, and the third tranche defaulted on August 2, 2019, or alternatively, on February 26, 2020, based on an email dated June 17, 2020. The Financial Creditor filed a petition under Section 7 of the IBC against the Corporate Debtor and subsequently
…Rolta Private Limited…
Rolta Private Limited…