Fraser and Company Limited, an Operational Creditor/Applicant, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Shraddha Landmark Private Limited (Corporate Debtor) for a debt of Rs. 7,07,06,829/-. The debt is related to invoices for materials supplied to the Corporate Debtor, with the date of default ranging from 27.06.2022 to 11.11.2022.
Fraser and Company Limited filed a petition under Section 9 of the IBC to initiate CIRP against Shraddha Landmark Private Limited.
The total debt claimed is Rs. 7,07,06,829/-, including principal and interest.
The Corporate Debtor argued that the claim is based on suppressed MOUs for settlement via flats.
The Operational Creditor claimed the MOUs are forged and fabricated.
The Corporate Debtor made part payments during the default period.
The Tribunal found that both debt and default were established.
The Tribunal admitted the application and initiated CIRP.
Mr. Manish Motilal Jaju was appointed as the Interim Resolution Professional (IRP).
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Fraser and Company…
The Tribunal admitted the application and…
Fraser and Company Limited, an Operational Creditor/Applicant, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Shraddha Landmark Private Limited (Corporate Debtor) for a debt of Rs. 7,07,06,829/-. The debt is related to invoices for materials supplied to the Corporate Debtor, with the date of default ranging from 27.06.2022 to 11.11.2022.
Fraser and Company Limited filed a petition under Section 9 of the IBC to initiate CIRP against Shraddha Landmark Private Limited.
The total debt claimed is Rs. 7,07,06,829/-, including principal and interest.
The Corporate Debtor argued that the claim is based on suppressed MOUs for settlement via flats.
The Operational Creditor claimed the MOUs are forged and fabricated.
The Corporate Debtor made part payments during the default period.
The Tribunal found that both debt and default were established.
The Tribunal admitted the application and initiated CIRP.
Mr. Manish Motilal Jaju was appointed as the Interim Resolution Professional (IRP).
Fraser and Company…
The Tribunal admitted the application and…