The case involves an Interlocutory Application (IA No. 2243 of 2021) filed in a Company Petition (CP No. 1139 of 2020) under Section 60(5) of the Insolvency and Bankruptcy Code (I&B Code), 2016. The applicants, initially categorized as financial creditors, contested their re-categorization as 'related parties' by the Resolution Professional (RP). The applicants had provided financial assistance to the Corporate Debtor, Trimurti Foodtech Private Limited, and were later offered shareholding and directorship positions. Disputes arose regarding the issuance of shares and the repayment of investments, leading to the present application.
The applicants, including Sandhya Dinesh Sancheti and others, initially acted as financial creditors to Trimurti Foodtech Private Limited (the Corporate Debtor). In July 2018, the Managing Director of the Corporate Debtor approached some of the applicants (Nos. 5 to 9) for financial assistance of Rs. 50 lakhs. Subsequently, the Corporate Debtor required more funds to settle liabilities of Rs. 16,89,29,237/- to State Bank of India. Applicants Nos. 5 to 9 then involved Applicants Nos. 1 to 4, proposing an investment in the company. An Investment Agreement/MoU was executed on 2018-11-28, offering the applicants 60% shareholding and appointment as Additional Directors. The Corporate Debtor was required to issue shares by 2019-11-17, but failed to do so. Applicants Nos. 1
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An Investment Agreement/MoU was executed,…
The case involves an Interlocutory Application (IA No. 2243 of 2021) filed in a Company Petition (CP No. 1139 of 2020) under Section 60(5) of the Insolvency and Bankruptcy Code (I&B Code), 2016. The applicants, initially categorized as financial creditors, contested their re-categorization as 'related parties' by the Resolution Professional (RP). The applicants had provided financial assistance to the Corporate Debtor, Trimurti Foodtech Private Limited, and were later offered shareholding and directorship positions. Disputes arose regarding the issuance of shares and the repayment of investments, leading to the present application.
The applicants, including Sandhya Dinesh Sancheti and others, initially acted as financial creditors to Trimurti Foodtech Private Limited (the Corporate Debtor). In July 2018, the Managing Director of the Corporate Debtor approached some of the applicants (Nos. 5 to 9) for financial assistance of Rs. 50 lakhs. Subsequently, the Corporate Debtor required more funds to settle liabilities of Rs. 16,89,29,237/- to State Bank of India. Applicants Nos. 5 to 9 then involved Applicants Nos. 1 to 4, proposing an investment in the company. An Investment Agreement/MoU was executed on 2018-11-28, offering the applicants 60% shareholding and appointment as Additional Directors. The Corporate Debtor was required to issue shares by 2019-11-17, but failed to do so. Applicants Nos. 1
…The Managing Director of the Corporate…
An Investment Agreement/MoU was executed,…