M/s Aadhar Infraholding Limited, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s L V Global Private Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP) due to their inability to liquidate a claim of Rs. 5,87,00,000. The corporate debtor allegedly defaulted on loan facilities granted by the financial creditor, evidenced by banking transactions. The corporate debtor denied liability, arguing that the claim was barred by limitation and that there was no loan agreement. The financial creditor recalled the loan via letter dated 07.02.2019, demanding Rs. 10,35,74,099/-.
M/s Aadhar Infraholding Limited (Financial Creditor) filed a petition against M/s L V Global Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The claim was for Rs. 5,87,00,000/-. The Financial Creditor had granted various loan facilities to the Corporate Debtor, evidenced by banking transactions between 2014 and 2015. The Corporate Debtor's balance sheet for FY 2016-17 reflected a debt of Rs. 5.87 Crores to the Financial Creditor as a short-term borrowing. The Financial Creditor recalled the loan on 07.02.2019, demanding Rs. 10,35,74,099/-. The Corporate Debtor denied liability on 21.02.2019. The Corporate Debtor argued that the claim was barred by limitation and that there was no loan agreement.
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Axis Bank transferred…
Axis Bank transferred…
M/s Aadhar Infraholding Limited, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s L V Global Private Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP) due to their inability to liquidate a claim of Rs. 5,87,00,000. The corporate debtor allegedly defaulted on loan facilities granted by the financial creditor, evidenced by banking transactions. The corporate debtor denied liability, arguing that the claim was barred by limitation and that there was no loan agreement. The financial creditor recalled the loan via letter dated 07.02.2019, demanding Rs. 10,35,74,099/-.
M/s Aadhar Infraholding Limited (Financial Creditor) filed a petition against M/s L V Global Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The claim was for Rs. 5,87,00,000/-. The Financial Creditor had granted various loan facilities to the Corporate Debtor, evidenced by banking transactions between 2014 and 2015. The Corporate Debtor's balance sheet for FY 2016-17 reflected a debt of Rs. 5.87 Crores to the Financial Creditor as a short-term borrowing. The Financial Creditor recalled the loan on 07.02.2019, demanding Rs. 10,35,74,099/-. The Corporate Debtor denied liability on 21.02.2019. The Corporate Debtor argued that the claim was barred by limitation and that there was no loan agreement.
…Axis Bank transferred…
Axis Bank transferred…