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 the Corporate Insolvency Resolution Process. The petition was based on the premise that the Corporate Debtor defaulted on a loan of ₹4,00,000 availed in 1997, with the debt aggregating to ₹18,58,198.
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 the Corporate Insolvency Resolution Process (CIRP). The petition was filed based on the Corporate Debtor's alleged default on a loan of ₹4,00,000 availed in 1997, which had grown to ₹18,58,198. The Petitioner submitted letters of confirmation from 2015-2017 and ledger accounts from 1997-2017 as evidence. However, the court found no evidence that the loan was actually given in 1997, no acknowledgement of the debt within three years of the loan, and the letters of confirmation lacked a company seal. The Corporate Debtor did not appear before the court, and proper notice was not served. The
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Essar Machine Works Limited allegedly availed…
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 the Corporate Insolvency Resolution Process. The petition was based on the premise that the Corporate Debtor defaulted on a loan of ₹4,00,000 availed in 1997, with the debt aggregating to ₹18,58,198.
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 the Corporate Insolvency Resolution Process (CIRP). The petition was filed based on the Corporate Debtor's alleged default on a loan of ₹4,00,000 availed in 1997, which had grown to ₹18,58,198. The Petitioner submitted letters of confirmation from 2015-2017 and ledger accounts from 1997-2017 as evidence. However, the court found no evidence that the loan was actually given in 1997, no acknowledgement of the debt within three years of the loan, and the letters of confirmation lacked a company seal. The Corporate Debtor did not appear before the court, and proper notice was not served. The
…Essar Machine Works Limited allegedly availed…
First letter of…