M/s Rainbow Papers Limited, with Ajay Kumar Radheyshyam Goenka as Promoter and Managing Director, sought loans from Tourism Finance Corporation of India Ltd. A loan agreement was executed on 2012-03-27. The Accused company issued a post-dated cheque which was dishonored due to 'Account Closed'. A demand-cum-legal notice was issued, but the debt remained unsettled. A criminal complaint was filed. Subsequently, an insolvency application was filed by Neeraj Paper Agencies Limited against the Accused company, which was admitted by the NCLT. The Respondent filed its claim in the N.I. Act proceedings. A resolution plan was filed, and the Respondent was considered an Unsecured Financial Creditor. The Metropolitan Magistrate dismissed the Appellant's application for exemption
…M/s Rainbow Papers Limited, with Ajay Kumar Radheyshyam Goenka as the Promoter and Managing Director, obtained a loan of Rs. 30.00 crores from Tourism Finance Corporation of India Ltd. A loan agreement was executed on 2012-03-27 in New Delhi. To fulfill obligations under the agreement, the Accused company issued a post-dated cheque for Rs. 25,47,945/- dated 2016-02-15. The cheque was dishonored on 2016-04-07 with the remark 'Account Closed'. A demand-cum-legal notice was issued on 2016-04-19 under Section 138 of the Negotiable Instruments Act, 1881. The Accused acknowledged their liability on 2016-04-28 but did not pay. A criminal complaint was filed on 2016-05-16. In 2017, Neeraj Paper Agencies Limited filed an insolvency application under Section 9 of the IBC, which
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A Loan Agreement was…
Accused company issued post-dated cheque of Rs.…
M/s Rainbow Papers Limited, with Ajay Kumar Radheyshyam Goenka as Promoter and Managing Director, sought loans from Tourism Finance Corporation of India Ltd. A loan agreement was executed on 2012-03-27. The Accused company issued a post-dated cheque which was dishonored due to 'Account Closed'. A demand-cum-legal notice was issued, but the debt remained unsettled. A criminal complaint was filed. Subsequently, an insolvency application was filed by Neeraj Paper Agencies Limited against the Accused company, which was admitted by the NCLT. The Respondent filed its claim in the N.I. Act proceedings. A resolution plan was filed, and the Respondent was considered an Unsecured Financial Creditor. The Metropolitan Magistrate dismissed the Appellant's application for exemption
…M/s Rainbow Papers Limited, with Ajay Kumar Radheyshyam Goenka as the Promoter and Managing Director, obtained a loan of Rs. 30.00 crores from Tourism Finance Corporation of India Ltd. A loan agreement was executed on 2012-03-27 in New Delhi. To fulfill obligations under the agreement, the Accused company issued a post-dated cheque for Rs. 25,47,945/- dated 2016-02-15. The cheque was dishonored on 2016-04-07 with the remark 'Account Closed'. A demand-cum-legal notice was issued on 2016-04-19 under Section 138 of the Negotiable Instruments Act, 1881. The Accused acknowledged their liability on 2016-04-28 but did not pay. A criminal complaint was filed on 2016-05-16. In 2017, Neeraj Paper Agencies Limited filed an insolvency application under Section 9 of the IBC, which
…A Loan Agreement was…
Accused company issued post-dated cheque of Rs.…