The case involves a joint petition filed by two financial creditors, Insta Capital Private Limited and Richbond Capital Private Limited, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s JBS Enterprises Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP).
Insta Capital Private Limited and Richbond Capital Private Limited jointly filed a petition under Section 7 of the IBC against M/s JBS Enterprises Limited.
Insta Capital Private Limited sanctioned a loan of Rs. 96,00,000/- to the Corporate Debtor, and Richbond Capital Private Limited sanctioned a term loan of Rs. 1,80,00,000/-.
The Corporate Debtor defaulted on the repayment of the loans, leading to the issuance of legal notices cum loan recall notices by the Financial Creditors.
The total outstanding claim by the two petitioners is Rs. 2,44,61,838/-.
The Corporate Debtor raised objections regarding the authenticity of documents, compliance with Section 180 of the Companies Act, and insufficient stamp duty.
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Corporate Debtor approached Financial…
Petitioner no. 1 granted working capital loan…
The case involves a joint petition filed by two financial creditors, Insta Capital Private Limited and Richbond Capital Private Limited, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s JBS Enterprises Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP).
Insta Capital Private Limited and Richbond Capital Private Limited jointly filed a petition under Section 7 of the IBC against M/s JBS Enterprises Limited.
Insta Capital Private Limited sanctioned a loan of Rs. 96,00,000/- to the Corporate Debtor, and Richbond Capital Private Limited sanctioned a term loan of Rs. 1,80,00,000/-.
The Corporate Debtor defaulted on the repayment of the loans, leading to the issuance of legal notices cum loan recall notices by the Financial Creditors.
The total outstanding claim by the two petitioners is Rs. 2,44,61,838/-.
The Corporate Debtor raised objections regarding the authenticity of documents, compliance with Section 180 of the Companies Act, and insufficient stamp duty.
…Corporate Debtor approached Financial…
Petitioner no. 1 granted working capital loan…