A petition was filed by Om Prakash Somani & Ors. (Financial Creditors/Petitioners) against VMN Stones Private Limited (Corporate Debtor/Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditors sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to an alleged default in the repayment of a substantial outstanding loan amount. The Financial Creditors held 60% of the Corporate Debtor's paid-up share capital and had advanced significant unsecured loans. A Settlement Agreement dated 28.12.2023 was executed for the transfer of shareholding and settlement of outstanding loans, but the Corporate Debtor allegedly failed to make full payments as per the schedule.
The petition, CP No. (IB)- 111/7JPR/2024, was filed by Mr. Om Prakash Somani & Ors. (Financial Creditor/Petitioner) against VMN Stones Private Limited (Corporate Debtor/Respondent) under Section 7 of the IBC, 2016.
The petition seeks initiation of CIRP due to an alleged default in repayment of an outstanding loan amount.
VMN Stones Private Limited was incorporated on 08.11.2019, with its registered office in Jaipur, Rajasthan.
The Financial Creditors held 60% of the paid-up share capital in the Corporate Debtor, while Mr. Abhishek Periwal and Mr. Vijay Periwal (directors/promoters) held the remaining 40%.
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VMN Stones P…
The Marble/Granite processing plant, funded by…
A petition was filed by Om Prakash Somani & Ors. (Financial Creditors/Petitioners) against VMN Stones Private Limited (Corporate Debtor/Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditors sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to an alleged default in the repayment of a substantial outstanding loan amount. The Financial Creditors held 60% of the Corporate Debtor's paid-up share capital and had advanced significant unsecured loans. A Settlement Agreement dated 28.12.2023 was executed for the transfer of shareholding and settlement of outstanding loans, but the Corporate Debtor allegedly failed to make full payments as per the schedule.
The petition, CP No. (IB)- 111/7JPR/2024, was filed by Mr. Om Prakash Somani & Ors. (Financial Creditor/Petitioner) against VMN Stones Private Limited (Corporate Debtor/Respondent) under Section 7 of the IBC, 2016.
The petition seeks initiation of CIRP due to an alleged default in repayment of an outstanding loan amount.
VMN Stones Private Limited was incorporated on 08.11.2019, with its registered office in Jaipur, Rajasthan.
The Financial Creditors held 60% of the paid-up share capital in the Corporate Debtor, while Mr. Abhishek Periwal and Mr. Vijay Periwal (directors/promoters) held the remaining 40%.
…VMN Stones P…
The Marble/Granite processing plant, funded by…