Step Stone Infras Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Yes and Yes Infracon (P) Ltd., the Corporate Debtor. The Financial Creditor claimed a debt of rupees one crore, with the date of default stated as 31.12.2019. The Financial Creditor and Srico Projects Pvt. Ltd. (SRICO) had entered into a Memorandum of Understanding (MoU) dated 14.06.2017 for sub-contracting the construction of dwelling units, with the Financial Creditor depositing a refundable security deposit. Subsequently, the Financial Creditor and the Corporate Debtor entered into another MoU dated 28.09.2019, where the Financial Creditor agreed to transfer the construction
…Step Stone Infras Private Limited (Financial Creditor) and Srico Projects Pvt. Ltd. (SRICO) entered into a MoU on 2017-06-14 for sub-contracting construction. The Financial Creditor deposited a refundable security deposit with SRICO. Later, on 2019-09-28, the Financial Creditor and Yes and Yes Infracon (P) Ltd. (Corporate Debtor) entered into another MoU, where the Financial Creditor transferred the construction work to the Corporate Debtor, who agreed to pay the security deposit. The Corporate Debtor issued post-dated cheques totaling Rs.85,00,000 as a guarantee, but these were dishonored. The Financial Creditor claimed a debt of rupees one crore, with a default date of 2019-12-31. The Corporate Debtor argued that the debt was not a financial debt as there was no
…Sign in to view the parties.
The Financial Creditor and Srico Projects Pvt.…
The Financial Creditor and the Corporate…
Step Stone Infras Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Yes and Yes Infracon (P) Ltd., the Corporate Debtor. The Financial Creditor claimed a debt of rupees one crore, with the date of default stated as 31.12.2019. The Financial Creditor and Srico Projects Pvt. Ltd. (SRICO) had entered into a Memorandum of Understanding (MoU) dated 14.06.2017 for sub-contracting the construction of dwelling units, with the Financial Creditor depositing a refundable security deposit. Subsequently, the Financial Creditor and the Corporate Debtor entered into another MoU dated 28.09.2019, where the Financial Creditor agreed to transfer the construction
…Step Stone Infras Private Limited (Financial Creditor) and Srico Projects Pvt. Ltd. (SRICO) entered into a MoU on 2017-06-14 for sub-contracting construction. The Financial Creditor deposited a refundable security deposit with SRICO. Later, on 2019-09-28, the Financial Creditor and Yes and Yes Infracon (P) Ltd. (Corporate Debtor) entered into another MoU, where the Financial Creditor transferred the construction work to the Corporate Debtor, who agreed to pay the security deposit. The Corporate Debtor issued post-dated cheques totaling Rs.85,00,000 as a guarantee, but these were dishonored. The Financial Creditor claimed a debt of rupees one crore, with a default date of 2019-12-31. The Corporate Debtor argued that the debt was not a financial debt as there was no
…The Financial Creditor and Srico Projects Pvt.…
The Financial Creditor and the Corporate…