The Petitioner, A.K.R Finance Limited, filed a Company Petition under Section 7 of the I&B Code against the Corporate Debtor, Essar Machine Works Limited, for initiation of 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.
A.K.R Finance Limited (the Petitioner) filed a Company Petition under Section 7 of the I&B Code against Essar Machine Works Limited (the Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition was based on the Corporate Debtor's alleged default in repaying 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 dated between 2015 and 2017, and ledger accounts purportedly maintained by the Corporate Debtor from 01/04/1997 to 20/03/2017. The court observed that no document was presented to prove that the loan was given in 1997. The letters of confirmation lacked a company seal, and the ledger accounts were not signed by the Corporate Debtor.
…Sign in to view the parties.
Corporate Debtor, Essar Machine Works Limited,…
First letter of…
The Petitioner, A.K.R Finance Limited, filed a Company Petition under Section 7 of the I&B Code against the Corporate Debtor, Essar Machine Works Limited, for initiation of 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.
A.K.R Finance Limited (the Petitioner) filed a Company Petition under Section 7 of the I&B Code against Essar Machine Works Limited (the Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition was based on the Corporate Debtor's alleged default in repaying 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 dated between 2015 and 2017, and ledger accounts purportedly maintained by the Corporate Debtor from 01/04/1997 to 20/03/2017. The court observed that no document was presented to prove that the loan was given in 1997. The letters of confirmation lacked a company seal, and the ledger accounts were not signed by the Corporate Debtor.
…Corporate Debtor, Essar Machine Works Limited,…
First letter of…