The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mr. Rajendra Shah, the Financial Creditor (FC), seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Varsha Corporation Limited, the Corporate Debtor (CD), for non-payment of outstanding dues. The CD was incorporated on 26-10-2000 and the FC has drawn the court's attention to a promissory note dated 23-02-2012 where the CD promised to repay a loan of Rs. 50,00,000 at 15% interest per annum on demand. The FC submitted confirmation of accounts provided by the CD as on 01-04-2015, confirming the principal amount of debt and accrued interest, totaling Rs. 56.84 Lakh.
Mr. Rajendra Shah, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Varsha Corporation Limited, the Corporate Debtor, due to non-payment of outstanding dues. The Corporate Debtor (CD) was incorporated on 26-10-2000. A promissory note dated 23-02-2012 indicated that the CD promised to repay a loan of Rs. 50,00,000 at 15% interest per annum on demand. As of 01-04-2015, the principal amount of debt and accrued interest totaled Rs. 56.84 Lakh, confirmed by the CD. On 07-06-2016, the CD acknowledged the loan and handed over a cheque dated 22-10-2016 for Rs. 50,00,000, which was later dishonored. Two additional cheques dated 22-10-2016, amounting to Rs.
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Varsha Corpo…
Corporate Debtor promised to repay a loan of…
The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mr. Rajendra Shah, the Financial Creditor (FC), seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Varsha Corporation Limited, the Corporate Debtor (CD), for non-payment of outstanding dues. The CD was incorporated on 26-10-2000 and the FC has drawn the court's attention to a promissory note dated 23-02-2012 where the CD promised to repay a loan of Rs. 50,00,000 at 15% interest per annum on demand. The FC submitted confirmation of accounts provided by the CD as on 01-04-2015, confirming the principal amount of debt and accrued interest, totaling Rs. 56.84 Lakh.
Mr. Rajendra Shah, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Varsha Corporation Limited, the Corporate Debtor, due to non-payment of outstanding dues. The Corporate Debtor (CD) was incorporated on 26-10-2000. A promissory note dated 23-02-2012 indicated that the CD promised to repay a loan of Rs. 50,00,000 at 15% interest per annum on demand. As of 01-04-2015, the principal amount of debt and accrued interest totaled Rs. 56.84 Lakh, confirmed by the CD. On 07-06-2016, the CD acknowledged the loan and handed over a cheque dated 22-10-2016 for Rs. 50,00,000, which was later dishonored. Two additional cheques dated 22-10-2016, amounting to Rs.
…Varsha Corpo…
Corporate Debtor promised to repay a loan of…