The instant petition was filed by Vinay Tambi, Proprietor of Amarnath Enterprises (Financial Creditor/Petitioner) against A. Gangwal Real Estate LLP (Corporate Debtor/Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) for alleged default of financial debt amounting to Rs. 14,45,52,606/-.
Vinay Tambi, Proprietor of Amarnath Enterprises, filed a petition against A. Gangwal Real Estate LLP under Section 7 of the IBC.
The alleged default amount is Rs. 14,45,52,606/-.
A. Gangwal Real Estate LLP is a Limited Liability Partnership formed on 05.08.2014.
Vinay Tambi was admitted as a designated partner in A. Gangwal Real Estate LLP on 01.01.2015 and retired on 25.10.2016.
The LLP agreement dated 25.10.2016 stipulated that the outstanding dues of retiring partners, along with unsecured loans of their sister entities, were to be repaid by monthly installments of Rs. 1,50,00,000/- with interest.
The Corporate Debtor acknowledged the loan in its balance sheet dated 25.10.2016 under the head 'Long-Term Borrowings'.
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Order was prono…
Loans were advanced to…
The instant petition was filed by Vinay Tambi, Proprietor of Amarnath Enterprises (Financial Creditor/Petitioner) against A. Gangwal Real Estate LLP (Corporate Debtor/Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) for alleged default of financial debt amounting to Rs. 14,45,52,606/-.
Vinay Tambi, Proprietor of Amarnath Enterprises, filed a petition against A. Gangwal Real Estate LLP under Section 7 of the IBC.
The alleged default amount is Rs. 14,45,52,606/-.
A. Gangwal Real Estate LLP is a Limited Liability Partnership formed on 05.08.2014.
Vinay Tambi was admitted as a designated partner in A. Gangwal Real Estate LLP on 01.01.2015 and retired on 25.10.2016.
The LLP agreement dated 25.10.2016 stipulated that the outstanding dues of retiring partners, along with unsecured loans of their sister entities, were to be repaid by monthly installments of Rs. 1,50,00,000/- with interest.
The Corporate Debtor acknowledged the loan in its balance sheet dated 25.10.2016 under the head 'Long-Term Borrowings'.
…Order was prono…
Loans were advanced to…