Reena Joshi, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against True Value Homes (India) Private Limited, the Corporate Debtor. The Operational Creditor claimed a default amount of Rs. 5,00,62,000/-. The Corporate Debtor argued that there was a pre-existing dispute and that the application was filed to coerce and extort money.
M/s Sanch, a proprietorship firm owned by Reena Joshi and where Alok Joshi is the Vice-President, provides financial advisory and investment consultancy services. Reena Joshi appointed Alok Joshi as her attorney to file a petition against True Value Homes (India) Private Limited, a real estate company. The Corporate Debtor had availed loans from various lenders but faced difficulties in repayment. In February 2017, the Corporate Debtor approached Reena Joshi and Alok Joshi for consultancy services. An agreement was executed on 11.02.2017, appointing the Operational Creditor and M/s Akaar as 'Arranger' to facilitate a loan facility. Indiabulls Housing Finance Limited agreed to provide a loan of Rs. 390 Crores based on the services rendered. The Operational Creditor
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An exclusive Agreement/Mandate was executed…
Email dated 17.02.2017 was issued to the…
Reena Joshi, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against True Value Homes (India) Private Limited, the Corporate Debtor. The Operational Creditor claimed a default amount of Rs. 5,00,62,000/-. The Corporate Debtor argued that there was a pre-existing dispute and that the application was filed to coerce and extort money.
M/s Sanch, a proprietorship firm owned by Reena Joshi and where Alok Joshi is the Vice-President, provides financial advisory and investment consultancy services. Reena Joshi appointed Alok Joshi as her attorney to file a petition against True Value Homes (India) Private Limited, a real estate company. The Corporate Debtor had availed loans from various lenders but faced difficulties in repayment. In February 2017, the Corporate Debtor approached Reena Joshi and Alok Joshi for consultancy services. An agreement was executed on 11.02.2017, appointing the Operational Creditor and M/s Akaar as 'Arranger' to facilitate a loan facility. Indiabulls Housing Finance Limited agreed to provide a loan of Rs. 390 Crores based on the services rendered. The Operational Creditor
…An exclusive Agreement/Mandate was executed…
Email dated 17.02.2017 was issued to the…