Magma Housing Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Aagam Infrabuild Private Limited, claiming a default of Rs. 43,20,000/- including interest. The Corporate Debtor contended that the loan was actually borrowed by individuals Minesh B. Busha and Pravina M. Busha as a housing loan, and they are liable to repay it. A tripartite agreement existed between the applicant, the corporate debtor, and the two individuals. The corporate debtor issued a letter of allotment for a flat sale, but possession was not given due to non-payment of the balance consideration. The Financial Creditor sent a cancellation letter for the allotment.
Magma Housing Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Aagam Infrabuild Private Limited (Corporate Debtor). The claimed default amount was Rs. 43,20,000/-, including interest of Rs. 6,44,804. The disbursement date was 2018-11-29, and the default date was 2020-01-27. The Corporate Debtor contended that the loan was actually borrowed by Mr. Minesh B. Busha and Ms. Pravina M. Busha as a housing loan. A tripartite agreement dated 2018-11-30 existed between the Applicant, the Corporate Debtor, and the two individuals. The Financial Creditor sanctioned a loan of Rs. 48,00,000/-, but disbursed only Rs. 43,20,000/-. The Corporate Debtor issued a letter of allotment dated
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Magma Housing Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Aagam Infrabuild Private Limited, claiming a default of Rs. 43,20,000/- including interest. The Corporate Debtor contended that the loan was actually borrowed by individuals Minesh B. Busha and Pravina M. Busha as a housing loan, and they are liable to repay it. A tripartite agreement existed between the applicant, the corporate debtor, and the two individuals. The corporate debtor issued a letter of allotment for a flat sale, but possession was not given due to non-payment of the balance consideration. The Financial Creditor sent a cancellation letter for the allotment.
Magma Housing Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Aagam Infrabuild Private Limited (Corporate Debtor). The claimed default amount was Rs. 43,20,000/-, including interest of Rs. 6,44,804. The disbursement date was 2018-11-29, and the default date was 2020-01-27. The Corporate Debtor contended that the loan was actually borrowed by Mr. Minesh B. Busha and Ms. Pravina M. Busha as a housing loan. A tripartite agreement dated 2018-11-30 existed between the Applicant, the Corporate Debtor, and the two individuals. The Financial Creditor sanctioned a loan of Rs. 48,00,000/-, but disbursed only Rs. 43,20,000/-. The Corporate Debtor issued a letter of allotment dated
…Borrowers remi…
Corporate Debtor issued…