Dalmia Family Office Trust, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Almond Infrabuild Private Limited, the Corporate Debtor, due to a default of Rs. 26,41,82,510/- as of 31.10.2020.
Dalmia Family Office Trust filed an application under Section 7 of the IBC to initiate CIRP against Almond Infrabuild Private Limited.
The Corporate Debtor defaulted on a payment of Rs. 26,41,82,510/- as of 31.10.2020.
A Loan Agreement was executed between the parties on 15.06.2015 for a loan of INR 15,00,00,000/-.
The Corporate Debtor argued that the Applicant is not a Financial Creditor but a speculative investor.
The Corporate Debtor claimed force majeure due to Covid-19.
Arbitration proceedings are ongoing between the parties.
The Adjudicating Authority dismissed the petition, stating that the Applicant is a speculative investor and the amount claimed does not qualify as a financial debt.
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Dalmia Family Office…
Loan Agreement executed between Dalmia Family…
Dalmia Family Office Trust, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Almond Infrabuild Private Limited, the Corporate Debtor, due to a default of Rs. 26,41,82,510/- as of 31.10.2020.
Dalmia Family Office Trust filed an application under Section 7 of the IBC to initiate CIRP against Almond Infrabuild Private Limited.
The Corporate Debtor defaulted on a payment of Rs. 26,41,82,510/- as of 31.10.2020.
A Loan Agreement was executed between the parties on 15.06.2015 for a loan of INR 15,00,00,000/-.
The Corporate Debtor argued that the Applicant is not a Financial Creditor but a speculative investor.
The Corporate Debtor claimed force majeure due to Covid-19.
Arbitration proceedings are ongoing between the parties.
The Adjudicating Authority dismissed the petition, stating that the Applicant is a speculative investor and the amount claimed does not qualify as a financial debt.
…Dalmia Family Office…
Loan Agreement executed between Dalmia Family…