Mr. Surendra Kanaiyalal Shah, as the Applicant/Financial Creditor, filed a petition under Section 7 of the IBC, 2016 against Magicon Impex Private Limited.

The Applicant and Respondent entered into an agreement dated 25.03.2019, where the Applicant was appointed as the 'Consignment & Freight Agent' for the Gujarat region.

The Applicant made a security deposit of Rs. 70,00,000/- with the Respondent, which was to be refundable and treated as an investment with a 1% monthly return.

The Applicant served a notice of termination on the Respondent on 11.11.2019, and the agreement terminated on 11.12.2019.

The Respondent failed to return the security deposit along with interest, resulting in an outstanding amount of Rs. 1,11,63,151/-.

Mr. Surendra Kanaiyalal Shah, as the Applicant/Financial Creditor, filed a petition under Section 7 of the IBC, 2016 against Magicon Impex Private Limited.

The Applicant and Respondent entered into an agreement dated 25.03.2019, where the Applicant was appointed as the 'Consignment & Freight Agent' for the Gujarat region.

The Applicant made a security deposit of Rs. 70,00,000/- with the Respondent, which was to be refundable and treated as an investment with a 1% monthly return.

The Applicant served a notice of termination on the Respondent on 11.11.2019, and the agreement terminated on 11.12.2019.

The Respondent failed to return the security deposit along with interest, resulting in an outstanding amount of Rs. 1,11,63,151/-.