The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by three financial creditors against M/s. Maharashtra Aluminium & Alloys Private Limited, the corporate debtor. The financial creditors claim a total default of ₹61,06,586, including principal and interest, as of April 1, 2017. The corporate debtor disputes the debt, citing a pending civil suit and alleging that the amounts were investments, not loans. The financial creditors argue that the debtor acknowledged the debt in its annual report and paid TDS on interest, indicating a financial debt.
M/s. Corporate Finance & Investment Services India Private Limited (1st Financial Creditor) disbursed an unsecured loan of ₹12,00,000 during the Financial Year 2013-14, which the Debtor failed to repay.
M/s. Corporate Finance & Legal Services Private Limited (2nd Financial Creditor) disbursed an unsecured loan of ₹10,00,000 during the Financial Years 2013-14 to 2014-15, which the Debtor has not repaid.
M/s. Corporate Finance & Taxation Services Private Limited (3rd Financial Creditor) disbursed an unsecured loan of ₹23,00,000 during the Financial Years 2011-12 to 2013-14, of which the Debtor repaid ₹12,12,856, including ₹12,856 towards interest, as of August 31, 2016.
The Financial Creditors issued legal notices dated May 23, 2017, to the Debtor, demanding
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Financial Creditors filed Form No. 1 under…
The case was h…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by three financial creditors against M/s. Maharashtra Aluminium & Alloys Private Limited, the corporate debtor. The financial creditors claim a total default of ₹61,06,586, including principal and interest, as of April 1, 2017. The corporate debtor disputes the debt, citing a pending civil suit and alleging that the amounts were investments, not loans. The financial creditors argue that the debtor acknowledged the debt in its annual report and paid TDS on interest, indicating a financial debt.
M/s. Corporate Finance & Investment Services India Private Limited (1st Financial Creditor) disbursed an unsecured loan of ₹12,00,000 during the Financial Year 2013-14, which the Debtor failed to repay.
M/s. Corporate Finance & Legal Services Private Limited (2nd Financial Creditor) disbursed an unsecured loan of ₹10,00,000 during the Financial Years 2013-14 to 2014-15, which the Debtor has not repaid.
M/s. Corporate Finance & Taxation Services Private Limited (3rd Financial Creditor) disbursed an unsecured loan of ₹23,00,000 during the Financial Years 2011-12 to 2013-14, of which the Debtor repaid ₹12,12,856, including ₹12,856 towards interest, as of August 31, 2016.
The Financial Creditors issued legal notices dated May 23, 2017, to the Debtor, demanding
Financial Creditors filed Form No. 1 under…
The case was h…