The case involves a petition filed by Mr. Gondimalla Madhu Mohan and others (Financial Creditors) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Aayusiddhi Life Science Private Limited (Corporate Debtor). The Corporate Debtor was incorporated on 17.05.2006 for manufacturing pharmaceuticals. The Financial Creditors claimed that they had extended unsecured loans to the Corporate Debtor, which the Corporate Debtor failed to repay. The Corporate Debtor, however, denied any liabilities and claimed financial fraud by the Petitioners.
Aayusiddhi Life Sciences Private Limited, incorporated on 17.05.2006, faced financial difficulties and sought loans from Mr. Gondimalla Madhu Mohan and three others (Financial Creditors). The authorized share capital of the Corporate Debtor was ₹8,00,00,000, while the paid-up capital was ₹7,38,50,000. Between 15.11.2011 and 28.09.2014, Mr. Gondimalla Madhu Mohan extended an unsecured loan of ₹1,07,62,000. He also advanced ₹2,74,65,773 by repaying outstanding dues of the Corporate Debtor to third parties, totaling ₹3,82,27,773. The Corporate Debtor repaid ₹58,99,728 and allotted equity shares worth ₹1,13,00,000. Other Financial Creditors, including Mr. Kolanu Jaya Reddy, Mr. K. Subba Reddy, and Mr. Pabba Amarnath, also advanced loans. The Corporate Debtor admitted to
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Aayusiddhi Life Science Private Limited was…
Mr. Gondimalla Madhu Mohan extended an…
The case involves a petition filed by Mr. Gondimalla Madhu Mohan and others (Financial Creditors) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Aayusiddhi Life Science Private Limited (Corporate Debtor). The Corporate Debtor was incorporated on 17.05.2006 for manufacturing pharmaceuticals. The Financial Creditors claimed that they had extended unsecured loans to the Corporate Debtor, which the Corporate Debtor failed to repay. The Corporate Debtor, however, denied any liabilities and claimed financial fraud by the Petitioners.
Aayusiddhi Life Sciences Private Limited, incorporated on 17.05.2006, faced financial difficulties and sought loans from Mr. Gondimalla Madhu Mohan and three others (Financial Creditors). The authorized share capital of the Corporate Debtor was ₹8,00,00,000, while the paid-up capital was ₹7,38,50,000. Between 15.11.2011 and 28.09.2014, Mr. Gondimalla Madhu Mohan extended an unsecured loan of ₹1,07,62,000. He also advanced ₹2,74,65,773 by repaying outstanding dues of the Corporate Debtor to third parties, totaling ₹3,82,27,773. The Corporate Debtor repaid ₹58,99,728 and allotted equity shares worth ₹1,13,00,000. Other Financial Creditors, including Mr. Kolanu Jaya Reddy, Mr. K. Subba Reddy, and Mr. Pabba Amarnath, also advanced loans. The Corporate Debtor admitted to
…Aayusiddhi Life Science Private Limited was…
Mr. Gondimalla Madhu Mohan extended an…