The case involves an appeal against the order of the Adjudicating Authority (National Company Law Tribunal, New Delhi) which initiated Corporate Insolvency Resolution Process (CIRP) against MP Promoters Pvt Ltd based on an application filed by Ambrane India Pvt Ltd, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC). The financial creditor claimed that it had granted a loan of Rs.1,01,00,000/- to the corporate debtor, which was to be repaid with interest. The corporate debtor defaulted on the repayment, leading to the initiation of CIRP.
In April 2017, MP Promoters Pvt Ltd (Corporate Debtor) approached Ambrane India Pvt Ltd (Financial Creditor) for financial assistance. On May 20, 2017, the Board of Directors of Ambrane India Pvt Ltd resolved to grant a loan of Rs.1,01,00,000/- to MP Promoters Pvt Ltd at an interest rate of 9% per annum, compounded on March 31, 2018. The loan was to be disbursed in tranches. On May 26, 2017, Rs.51 lakh was disbursed via cheque, and on June 3, 2017, Rs.50 lakh was disbursed via RTGS. The Corporate Debtor failed to repay the loan by March 31, 2018. On August 6, 2019, the Financial Creditor sent a legal notice to the Corporate Debtor. On September 26, 2019, Ambrane India Pvt Ltd filed an application under Section 7 of the IBC to initiate CIRP against MP Promoters Pvt Ltd.
…Sign in to view the parties.
MP Promoters Pvt Ltd…
Board of Directors of Ambrane India Pvt Ltd…
The case involves an appeal against the order of the Adjudicating Authority (National Company Law Tribunal, New Delhi) which initiated Corporate Insolvency Resolution Process (CIRP) against MP Promoters Pvt Ltd based on an application filed by Ambrane India Pvt Ltd, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC). The financial creditor claimed that it had granted a loan of Rs.1,01,00,000/- to the corporate debtor, which was to be repaid with interest. The corporate debtor defaulted on the repayment, leading to the initiation of CIRP.
In April 2017, MP Promoters Pvt Ltd (Corporate Debtor) approached Ambrane India Pvt Ltd (Financial Creditor) for financial assistance. On May 20, 2017, the Board of Directors of Ambrane India Pvt Ltd resolved to grant a loan of Rs.1,01,00,000/- to MP Promoters Pvt Ltd at an interest rate of 9% per annum, compounded on March 31, 2018. The loan was to be disbursed in tranches. On May 26, 2017, Rs.51 lakh was disbursed via cheque, and on June 3, 2017, Rs.50 lakh was disbursed via RTGS. The Corporate Debtor failed to repay the loan by March 31, 2018. On August 6, 2019, the Financial Creditor sent a legal notice to the Corporate Debtor. On September 26, 2019, Ambrane India Pvt Ltd filed an application under Section 7 of the IBC to initiate CIRP against MP Promoters Pvt Ltd.
…MP Promoters Pvt Ltd…
Board of Directors of Ambrane India Pvt Ltd…