M/s Reckon Industries Limited and others filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Warm Forging Pvt. Ltd. The applicant claimed to be a financial creditor, asserting that the respondent defaulted in repaying a loan amount of Rs. 3.50 crores. The applicant had previously filed a similar application, which was withdrawn based on a settlement agreement. The respondent argued that the amount provided was not a loan but a share application money and that there was no default. The applicant contended that the corporate debtor admitted its liability in emails and balance sheets.
M/s Reckon Industries Limited, along with Mr. Jai Prakash Aggarwal, Mr. Sandeep Aggarwal, and Mrs. Sumitra Aggarwal, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against M/s Warm Forging Pvt. Ltd., claiming to be financial creditors. The applicants sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a loan amount of Rs. 3.50 crores. The financial creditor had advanced a loan of Rs. 3,50,00,000/- to the corporate debtor. The corporate debtor initially approached the financial creditor to participate in the bidding process for a US-based firm, M/s Sona BLW Precision Forge Inc. ('SPF'). A special-purpose entity, M/s Selma Precision Technologies ('SPT'), was formed to participate in the
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Rs. 1,40,00,00…
Rs. 25,00,000…
M/s Reckon Industries Limited and others filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Warm Forging Pvt. Ltd. The applicant claimed to be a financial creditor, asserting that the respondent defaulted in repaying a loan amount of Rs. 3.50 crores. The applicant had previously filed a similar application, which was withdrawn based on a settlement agreement. The respondent argued that the amount provided was not a loan but a share application money and that there was no default. The applicant contended that the corporate debtor admitted its liability in emails and balance sheets.
M/s Reckon Industries Limited, along with Mr. Jai Prakash Aggarwal, Mr. Sandeep Aggarwal, and Mrs. Sumitra Aggarwal, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against M/s Warm Forging Pvt. Ltd., claiming to be financial creditors. The applicants sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a loan amount of Rs. 3.50 crores. The financial creditor had advanced a loan of Rs. 3,50,00,000/- to the corporate debtor. The corporate debtor initially approached the financial creditor to participate in the bidding process for a US-based firm, M/s Sona BLW Precision Forge Inc. ('SPF'). A special-purpose entity, M/s Selma Precision Technologies ('SPT'), was formed to participate in the
…Rs. 1,40,00,00…
Rs. 25,00,000…