The case involves a petition filed by Dilwara Leasing and Investment Limited, a Non-Banking Financial Company (NBFC), under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vibrant Buildwell Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The financial creditor claims that the corporate debtor defaulted on a loan. An IA 3626/ND/2021 was filed seeking rejection of the main IB petition, alleging inter-se disputes between shareholders and fraudulent invocation of the Code. The corporate debtor was operating as a quasi-partnership with two groups holding equal shares, one owned by the applicants and the other by the respondent (financial creditor). The financial creditor had provided margin money in the form of FDRs
…Dilwara Leasing and Investment Limited, a Non-Banking Financial Company (NBFC), filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vibrant Buildwell Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The financial creditor claims that the corporate debtor defaulted on a loan. The corporate debtor entered into a Joint Venture Agreement with M/s Dhingra Developers Pvt. Ltd for development of a residential group housing on the plot of land situated in Village Sarai Aurangabad, Bahadurgarh, Haryana. The financial creditor provided margin money in the form of FDRs to the corporate debtor to obtain bank guarantees for renewing licenses for a project. The corporate debtor allegedly failed to pay
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The applicant Company, a Non - Banking…
The Respondent Company…
The case involves a petition filed by Dilwara Leasing and Investment Limited, a Non-Banking Financial Company (NBFC), under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vibrant Buildwell Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The financial creditor claims that the corporate debtor defaulted on a loan. An IA 3626/ND/2021 was filed seeking rejection of the main IB petition, alleging inter-se disputes between shareholders and fraudulent invocation of the Code. The corporate debtor was operating as a quasi-partnership with two groups holding equal shares, one owned by the applicants and the other by the respondent (financial creditor). The financial creditor had provided margin money in the form of FDRs
…Dilwara Leasing and Investment Limited, a Non-Banking Financial Company (NBFC), filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vibrant Buildwell Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The financial creditor claims that the corporate debtor defaulted on a loan. The corporate debtor entered into a Joint Venture Agreement with M/s Dhingra Developers Pvt. Ltd for development of a residential group housing on the plot of land situated in Village Sarai Aurangabad, Bahadurgarh, Haryana. The financial creditor provided margin money in the form of FDRs to the corporate debtor to obtain bank guarantees for renewing licenses for a project. The corporate debtor allegedly failed to pay
…The applicant Company, a Non - Banking…
The Respondent Company…