The Petitioner filed a Company Petition under Section 7 of the I&B Code against the Corporate Debtor for initiating the Corporate Insolvency Resolution Process (CIRP). The petition was based on the premise that the Corporate Debtor defaulted on repaying a loan of ₹4,00,000 availed in 1997, with the debt aggregating to ₹18,58,198. The case was filed based on letters of confirmation and ledger accounts purportedly maintained by the Corporate Debtor from 01/04/1997 to 20/03/2017.
The Petitioner, M/s. A.K.R Finance Limited, filed a Company Petition under Section 7 of the I&B Code against the Corporate Debtor, M/s. Essar Machine Works Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The petition was based on the claim that the Corporate Debtor had defaulted on a loan of ₹4,00,000 availed in 1997, with the outstanding debt amounting to ₹18,58,198. The Petitioner relied on letters of confirmation and ledger accounts purportedly maintained by the Corporate Debtor from 01/04/1997 to 20/03/2017. The court observed that the letters of confirmation were dated between 2015 and 2017, and there was no document reflecting the loan between 1997 and 2015. The letters of confirmation also lacked the Company Seal of the
…Sign in to view the parties.
Corporate D…
First letter of…
The Petitioner filed a Company Petition under Section 7 of the I&B Code against the Corporate Debtor for initiating the Corporate Insolvency Resolution Process (CIRP). The petition was based on the premise that the Corporate Debtor defaulted on repaying a loan of ₹4,00,000 availed in 1997, with the debt aggregating to ₹18,58,198. The case was filed based on letters of confirmation and ledger accounts purportedly maintained by the Corporate Debtor from 01/04/1997 to 20/03/2017.
The Petitioner, M/s. A.K.R Finance Limited, filed a Company Petition under Section 7 of the I&B Code against the Corporate Debtor, M/s. Essar Machine Works Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The petition was based on the claim that the Corporate Debtor had defaulted on a loan of ₹4,00,000 availed in 1997, with the outstanding debt amounting to ₹18,58,198. The Petitioner relied on letters of confirmation and ledger accounts purportedly maintained by the Corporate Debtor from 01/04/1997 to 20/03/2017. The court observed that the letters of confirmation were dated between 2015 and 2017, and there was no document reflecting the loan between 1997 and 2015. The letters of confirmation also lacked the Company Seal of the
…Corporate D…
First letter of…