The case involves an application filed by Anand Kumar Gupta, a financial creditor, against Adelson Pharma Private Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant claims that the corporate debtor defaulted on a loan of Rs. 25,00,000/- advanced in April 2016, with an outstanding amount of Rs. 27,30,136/-. The corporate debtor contested the application, arguing that the applicant does not fall within the definition of 'Financial Creditor' and that there was no actual disbursement for the time value of money.
Anand Kumar Gupta, claiming to be a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Adelson Pharma Private Limited, the corporate debtor. The applicant stated that he advanced a sum of Rs. 25,00,000/- to the respondent in April 2016 based on an oral agreement, with an interest rate of 12% per annum for two years. The loan was disbursed in two tranches: Rs. 12,50,000/- on 28.04.2016 and Rs. 12,50,000/- on 08.06.2016. The respondent made interest payments of Rs. 3,00,000/- on 04.05.2017 and Rs. 2,70,000/- on 01.05.2018. The applicant claimed that after the loan tenure expired on 08.06.2018, the respondent failed to repay the loan amount, leading to a total outstanding of Rs. 27,30,136/-. The respondent
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Applicant advanced a sum of Rs. 25,00,000/- to…
Rs. 12,50,000/- was…
The case involves an application filed by Anand Kumar Gupta, a financial creditor, against Adelson Pharma Private Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant claims that the corporate debtor defaulted on a loan of Rs. 25,00,000/- advanced in April 2016, with an outstanding amount of Rs. 27,30,136/-. The corporate debtor contested the application, arguing that the applicant does not fall within the definition of 'Financial Creditor' and that there was no actual disbursement for the time value of money.
Anand Kumar Gupta, claiming to be a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Adelson Pharma Private Limited, the corporate debtor. The applicant stated that he advanced a sum of Rs. 25,00,000/- to the respondent in April 2016 based on an oral agreement, with an interest rate of 12% per annum for two years. The loan was disbursed in two tranches: Rs. 12,50,000/- on 28.04.2016 and Rs. 12,50,000/- on 08.06.2016. The respondent made interest payments of Rs. 3,00,000/- on 04.05.2017 and Rs. 2,70,000/- on 01.05.2018. The applicant claimed that after the loan tenure expired on 08.06.2018, the respondent failed to repay the loan amount, leading to a total outstanding of Rs. 27,30,136/-. The respondent
…Applicant advanced a sum of Rs. 25,00,000/- to…
Rs. 12,50,000/- was…