An application was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) to initiate Corporate Insolvency Resolution Process (CIRP) against Sanika Assets Management & Investments Private Limited, the Corporate Debtor. The applicant, Alan C.W. Tang, is the Trustee in Bankruptcy of Bhupendra Jivrajbhai Surani.
Alan C.W. Tang, as Trustee in Bankruptcy of Bhupendra Jivrajbhai Surani, filed an application under Section 7 of the I&B Code to initiate CIRP against Sanika Assets Management & Investments Private Limited.
The Financial Creditor claimed Rs. 32,38,00,000/- lent to/invested in the Corporate Debtor in March 2007.
Bhupendra Jivrajbhai Surani was adjudged a bankrupt by the High Court of Hong Kong in Bankruptcy Petition No. 12522/2009.
The Corporate Debtor argued that the petition was barred by limitation and res judicata.
The Tribunal found no evidence to substantiate that the amount claimed as investment was liable to be repaid by the Corporate Debtor.
The Tribunal found that no default had been proved.
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C.P. (IB) No.…
The authorised representative of the Bankruptcy…
An application was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) to initiate Corporate Insolvency Resolution Process (CIRP) against Sanika Assets Management & Investments Private Limited, the Corporate Debtor. The applicant, Alan C.W. Tang, is the Trustee in Bankruptcy of Bhupendra Jivrajbhai Surani.
Alan C.W. Tang, as Trustee in Bankruptcy of Bhupendra Jivrajbhai Surani, filed an application under Section 7 of the I&B Code to initiate CIRP against Sanika Assets Management & Investments Private Limited.
The Financial Creditor claimed Rs. 32,38,00,000/- lent to/invested in the Corporate Debtor in March 2007.
Bhupendra Jivrajbhai Surani was adjudged a bankrupt by the High Court of Hong Kong in Bankruptcy Petition No. 12522/2009.
The Corporate Debtor argued that the petition was barred by limitation and res judicata.
The Tribunal found no evidence to substantiate that the amount claimed as investment was liable to be repaid by the Corporate Debtor.
The Tribunal found that no default had been proved.
C.P. (IB) No.…
The authorised representative of the Bankruptcy…