In the matter of Spenta Enclave Private Limited Cp (Ib) No.389-MB-IV-2022
Case brief
What is this about?
This application under Section 7 of the I&B Code seeking initiation of CIRP against a corporate debtor admitted liability for an inter-corporate deposit. The Tribunal found a valid default occurred upon expiry of the notice period. Consequently, the Tribunal admitted the application and declared a moratorium under Section 14, appointing an Interim Resolution Professional.
What did the court decide?
Application admitted; moratorium declared under Section 14; appointment of Mr. Pranav J. Damania as Interim Resolution Professional; direction to deposit Rs. 5,00,000/-.
IN THE NATIONAL COMPANY LAW TRIBUNAL
MUMBAI BENCH-IV
CP (IB) No.389/MB-IV/2022
Under Section 7 of the I&B Code, 2016
In the matter of:
Aurum Commercials LLP
[LLPIN: AAA-5372]
…Financial Creditor/Applicant
V/s
Spenta Enclave Private Limited
[CIN: U45209MH2013PTC249304]
...Corporate Debtor/Respondent
Order Dated: 24.03.2023
Issues for consideration
3 issues framed by the court
Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 is maintainable given the admitted debt by the corporate debtor.
Whether the legal notice dated 15.12.2021 perfected the default for a demand-based financial debt.
Whether the corpus of the claim exceeds the statutory threshold for initiating Corporate Insolvency Resolution Process.
Parties & counsel
- applicant
Aurum Commercials LLP
- respondent
Spenta Enclave Private Limited
Coram
Prabhat Kumar
Case details
As recorded by the court registry
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