Ms. Jayshree Manilal Lapasia (Financial Creditor) filed a Section 7 IBC application against Shah Laxmichand Versi Masalawala LLP (Corporate Debtor) for defaulting on a Rs. 2 crore loan, disbursed on July 7, 2016, with 1.25% monthly interest. The original repayment date was July 5, 2021, later extended to July 5, 2023, via a Supplementary Loan Agreement due to COVID-19. Despite a security cheque and recall notice, the Corporate Debtor failed to repay, resulting in a total default of Rs. 3,66,33,335/- as of March 31, 2025, with the default date being July 5, 2023.
Ms. Jayshree Manilal Lapasia (Financial Creditor) filed an application under Section 7 of the IBC, 2016, against Shah Laxmichand Versi Masalawala LLP (Corporate Debtor).
The Financial Creditor was formerly known as Ms. Jayshree Sanjay Vora and her name change is evidenced by a Gazette Notification.
The Corporate Debtor, Shah Laxmichand Versi Masalawala LLP, was initially a partnership firm (N.H. Foods) and converted into an LLP.
A loan agreement was executed on July 5, 2016, for Rs. 2,00,00,000/- (Two Crore Only) at an interest rate of 1.25% per month.
The loan amount was disbursed to the Corporate Debtor on July 7, 2016.
The original repayment date for the loan was on or before July 5, 2021.
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Loan Agreement…
Loan amount of Rs.…
Ms. Jayshree Manilal Lapasia (Financial Creditor) filed a Section 7 IBC application against Shah Laxmichand Versi Masalawala LLP (Corporate Debtor) for defaulting on a Rs. 2 crore loan, disbursed on July 7, 2016, with 1.25% monthly interest. The original repayment date was July 5, 2021, later extended to July 5, 2023, via a Supplementary Loan Agreement due to COVID-19. Despite a security cheque and recall notice, the Corporate Debtor failed to repay, resulting in a total default of Rs. 3,66,33,335/- as of March 31, 2025, with the default date being July 5, 2023.
Ms. Jayshree Manilal Lapasia (Financial Creditor) filed an application under Section 7 of the IBC, 2016, against Shah Laxmichand Versi Masalawala LLP (Corporate Debtor).
The Financial Creditor was formerly known as Ms. Jayshree Sanjay Vora and her name change is evidenced by a Gazette Notification.
The Corporate Debtor, Shah Laxmichand Versi Masalawala LLP, was initially a partnership firm (N.H. Foods) and converted into an LLP.
A loan agreement was executed on July 5, 2016, for Rs. 2,00,00,000/- (Two Crore Only) at an interest rate of 1.25% per month.
The loan amount was disbursed to the Corporate Debtor on July 7, 2016.
The original repayment date for the loan was on or before July 5, 2021.
…Loan Agreement…
Loan amount of Rs.…