Ashish Vincom Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Amolika Agro India Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was based on the Corporate Debtor's failure to pay a sum of Rs. 89,10,432, exclusive of interest, with the total default amounting to Rs. 1,28,33,463.
Ashish Vincom Private Limited filed a petition under Section 7 of the IBC against Amolika Agro India Private Limited.
The claim was for Rs. 89,10,432 exclusive of interest, with a total default of Rs. 1,28,33,463.
The date of default was stated as 19 November 2018.
The Financial Creditor had pledged fixed deposits with State Bank of India as collateral security for the Corporate Debtor's cash credit limit.
Mr. Ashok Kumar Agarwal was a common director for both the Financial Creditor and the Corporate Debtor.
The Corporate Debtor argued that there was no agreement with the Financial Creditor and no disbursement of funds against the time value of money.
The Financial Creditor proposed Mr. Manish Jain as the Interim Resolution Professional.
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The present petition…
Court Notice had been served on the Corporate…
Ashish Vincom Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Amolika Agro India Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was based on the Corporate Debtor's failure to pay a sum of Rs. 89,10,432, exclusive of interest, with the total default amounting to Rs. 1,28,33,463.
Ashish Vincom Private Limited filed a petition under Section 7 of the IBC against Amolika Agro India Private Limited.
The claim was for Rs. 89,10,432 exclusive of interest, with a total default of Rs. 1,28,33,463.
The date of default was stated as 19 November 2018.
The Financial Creditor had pledged fixed deposits with State Bank of India as collateral security for the Corporate Debtor's cash credit limit.
Mr. Ashok Kumar Agarwal was a common director for both the Financial Creditor and the Corporate Debtor.
The Corporate Debtor argued that there was no agreement with the Financial Creditor and no disbursement of funds against the time value of money.
The Financial Creditor proposed Mr. Manish Jain as the Interim Resolution Professional.
…The present petition…
Court Notice had been served on the Corporate…