Adhunik Corporation Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shivam India Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition was initially dismissed by the Adjudicating Authority, but the dismissal was challenged and the case was remanded by NCLAT for fresh consideration.
Adhunik Corporation Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shivam India Limited (Corporate Debtor).
The Financial Creditor claimed that it had provided financial assistance to the Corporate Debtor, which constituted a financial debt.
A Memorandum of Agreement (MoA) was executed between the parties on 23.06.2020.
The Corporate Debtor argued that the funds infused were part of a business arrangement and that the debt had been repaid through commissions.
The Financial Creditor issued a notice dated 11.10.2021 to the Corporate Debtor demanding the return of an amount of Rs. 27.85 crore along with interest @18% per annum effective from 01.03.2021.
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Financial creditor issued a notice dated…
C.P. (IB) No.…
Adhunik Corporation Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shivam India Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition was initially dismissed by the Adjudicating Authority, but the dismissal was challenged and the case was remanded by NCLAT for fresh consideration.
Adhunik Corporation Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shivam India Limited (Corporate Debtor).
The Financial Creditor claimed that it had provided financial assistance to the Corporate Debtor, which constituted a financial debt.
A Memorandum of Agreement (MoA) was executed between the parties on 23.06.2020.
The Corporate Debtor argued that the funds infused were part of a business arrangement and that the debt had been repaid through commissions.
The Financial Creditor issued a notice dated 11.10.2021 to the Corporate Debtor demanding the return of an amount of Rs. 27.85 crore along with interest @18% per annum effective from 01.03.2021.
…Financial creditor issued a notice dated…
C.P. (IB) No.…