The case involves an application by M/s Surya Dealtrade Pvt. Ltd. (Financial Creditor) seeking restoration of CP(IB) No. 860/ND/2020 against M/s Vipul Ltd. (Corporate Debtor). The original petition was filed under Section 7 of IBC, 2016, to initiate CIRP. The Financial Creditor claims that a loan of Rs. 1,05,00,000/- was given to the Corporate Debtor, evidenced by a Loan Acknowledgment Letter dated 22.08.2019. The Corporate Debtor defaulted on repayment, leading to the initial CIRP application. During the pendency of CP(IB) No. 860/ND/2020, another CIRP against the Corporate Debtor was initiated in CP(IB) No. 541/ND/2019, leading to the dismissal of the former as infructuous. However, the Supreme Court later set aside the order in CP(IB) No. 541/ND/2019, terminating
…M/s Surya Dealtrade Pvt. Ltd. (Financial Creditor) filed CP(IB) No. 860/ND/2020 against M/s Vipul Ltd. (Corporate Debtor) under Section 7 of IBC, 2016, seeking initiation of CIRP based on a loan of Rs. 1,05,00,000/- given to the Corporate Debtor, evidenced by a Loan Acknowledgment Letter dated 22.08.2019. The Corporate Debtor was liable to pay interest at 16% p.a., with the loan returnable on 22.02.2020. The Applicant presented a post-dated cheque dated 22.02.2020, which was dishonored due to insufficient funds. The Corporate Debtor defaulted on repayment, with the amount outstanding being Rs. 1,14,80,383/- as of the filing date. During the pendency of CP(IB) No. 860/ND/2020, another CIRP was initiated against the Corporate Debtor in CP(IB) No. 541/ND/2019, leading to
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Loan Acknowledgment Letter executed between…
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The case involves an application by M/s Surya Dealtrade Pvt. Ltd. (Financial Creditor) seeking restoration of CP(IB) No. 860/ND/2020 against M/s Vipul Ltd. (Corporate Debtor). The original petition was filed under Section 7 of IBC, 2016, to initiate CIRP. The Financial Creditor claims that a loan of Rs. 1,05,00,000/- was given to the Corporate Debtor, evidenced by a Loan Acknowledgment Letter dated 22.08.2019. The Corporate Debtor defaulted on repayment, leading to the initial CIRP application. During the pendency of CP(IB) No. 860/ND/2020, another CIRP against the Corporate Debtor was initiated in CP(IB) No. 541/ND/2019, leading to the dismissal of the former as infructuous. However, the Supreme Court later set aside the order in CP(IB) No. 541/ND/2019, terminating
…M/s Surya Dealtrade Pvt. Ltd. (Financial Creditor) filed CP(IB) No. 860/ND/2020 against M/s Vipul Ltd. (Corporate Debtor) under Section 7 of IBC, 2016, seeking initiation of CIRP based on a loan of Rs. 1,05,00,000/- given to the Corporate Debtor, evidenced by a Loan Acknowledgment Letter dated 22.08.2019. The Corporate Debtor was liable to pay interest at 16% p.a., with the loan returnable on 22.02.2020. The Applicant presented a post-dated cheque dated 22.02.2020, which was dishonored due to insufficient funds. The Corporate Debtor defaulted on repayment, with the amount outstanding being Rs. 1,14,80,383/- as of the filing date. During the pendency of CP(IB) No. 860/ND/2020, another CIRP was initiated against the Corporate Debtor in CP(IB) No. 541/ND/2019, leading to
…Loan Acknowledgment Letter executed between…
The amount of Rs.…