Modern Solar Private Limited (Applicant/Financial Creditor) sought to initiate CIRP against Claro Energy Private Limited (Corporate Debtor) under Section 7 of the IBC.

The Applicant claimed to have advanced INR 20,00,000.00 to the Corporate Debtor as a loan for a project.

The Corporate Debtor contended that the amount was an investment towards a profit-sharing arrangement.

The Applicant had initially filed a winding-up petition before the Delhi High Court, which was later transferred to the Adjudicating Authority.

The Corporate Debtor issued a cheque for INR 20,00,000.00, which was subsequently dishonored.

Email correspondence between the parties indicated discussions about restructuring the investment as a loan.

Modern Solar Private Limited (Applicant/Financial Creditor) sought to initiate CIRP against Claro Energy Private Limited (Corporate Debtor) under Section 7 of the IBC.

The Applicant claimed to have advanced INR 20,00,000.00 to the Corporate Debtor as a loan for a project.

The Corporate Debtor contended that the amount was an investment towards a profit-sharing arrangement.

The Applicant had initially filed a winding-up petition before the Delhi High Court, which was later transferred to the Adjudicating Authority.

The Corporate Debtor issued a cheque for INR 20,00,000.00, which was subsequently dishonored.

Email correspondence between the parties indicated discussions about restructuring the investment as a loan.