Kaliber Associates Pvt. Ltd., through its liquidator, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against West Star Constructions Pvt. Ltd., claiming a default on a financial debt of Rs. 1 crore. The financial statements of the applicant/financial creditor as on 31.03.2018 reflected a certain amount of loan and advances payable by the corporate debtor. The date of default was mentioned as 18.07.2019. The petitioner also placed on record the default certificate/report procured from NeSL. The Adjudicating Authority admitted the application and initiated the Corporate Insolvency Resolution Process (CIRP).
Kaliber Associates Pvt. Ltd. (Financial Creditor) filed a petition under Section 7 of the IBC against West Star Constructions Pvt. Ltd. (Corporate Debtor) claiming a default on a financial debt of Rs. 1 crore. The debt was disbursed on 20.11.2010 vide Cheque No. 32001426. The date of default was mentioned as 18.07.2019. The Financial Creditor submitted that the amount of Rs. 1 crore was reflected in the balance sheets of both parties. The Corporate Debtor argued that the amount was a security deposit for services to be rendered by the Financial Creditor, not a financial debt. The Corporate Debtor also claimed that the petition was barred by limitation. The Corporate Debtor submitted that the amount of Rs. 1 crore should be covered under the head of trades payable. The
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Kaliber Associates Pvt. Ltd., through its liquidator, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against West Star Constructions Pvt. Ltd., claiming a default on a financial debt of Rs. 1 crore. The financial statements of the applicant/financial creditor as on 31.03.2018 reflected a certain amount of loan and advances payable by the corporate debtor. The date of default was mentioned as 18.07.2019. The petitioner also placed on record the default certificate/report procured from NeSL. The Adjudicating Authority admitted the application and initiated the Corporate Insolvency Resolution Process (CIRP).
Kaliber Associates Pvt. Ltd. (Financial Creditor) filed a petition under Section 7 of the IBC against West Star Constructions Pvt. Ltd. (Corporate Debtor) claiming a default on a financial debt of Rs. 1 crore. The debt was disbursed on 20.11.2010 vide Cheque No. 32001426. The date of default was mentioned as 18.07.2019. The Financial Creditor submitted that the amount of Rs. 1 crore was reflected in the balance sheets of both parties. The Corporate Debtor argued that the amount was a security deposit for services to be rendered by the Financial Creditor, not a financial debt. The Corporate Debtor also claimed that the petition was barred by limitation. The Corporate Debtor submitted that the amount of Rs. 1 crore should be covered under the head of trades payable. The
…Corporate Debtor approached and engaged…
Corporate Debtor made an advance payment of…