Alliance Broadband Services Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Manthan Broadband Services Private Limited, the Corporate Debtor, due to a default in repayment of a loan. The Financial Creditor claimed a default amount of Rs. 11,06,15,268/-, comprising principal and interest. The Corporate Debtor argued that a portion of the amount was an advance against a property sale, not a financial debt, and that the Financial Creditor lacked a money lending license. The Financial Creditor contended that the transactions constituted financial debt with time value of money, supported by loan agreements and pledged shares.
Alliance Broadband Services Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Manthan Broadband Services Private Limited (Corporate Debtor). The Financial Creditor claimed a default of Rs. 11,06,15,268/-, comprising a principal amount of Rs. 10,20,00,000/- and interest of Rs. 86,15,268/-. The dates of default were stated as August 26, 2018, and November 28, 2018. The Financial Creditor provided an accommodation loan of Rs. 5,30,00,000/- to finance set-top box installation infrastructure, secured by 77,500 equity shares in the Financial Creditor held by the Corporate Debtor, with an interest rate of 9.75% per annum. The loan was
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Alliance Broadband Services Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Manthan Broadband Services Private Limited, the Corporate Debtor, due to a default in repayment of a loan. The Financial Creditor claimed a default amount of Rs. 11,06,15,268/-, comprising principal and interest. The Corporate Debtor argued that a portion of the amount was an advance against a property sale, not a financial debt, and that the Financial Creditor lacked a money lending license. The Financial Creditor contended that the transactions constituted financial debt with time value of money, supported by loan agreements and pledged shares.
Alliance Broadband Services Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Manthan Broadband Services Private Limited (Corporate Debtor). The Financial Creditor claimed a default of Rs. 11,06,15,268/-, comprising a principal amount of Rs. 10,20,00,000/- and interest of Rs. 86,15,268/-. The dates of default were stated as August 26, 2018, and November 28, 2018. The Financial Creditor provided an accommodation loan of Rs. 5,30,00,000/- to finance set-top box installation infrastructure, secured by 77,500 equity shares in the Financial Creditor held by the Corporate Debtor, with an interest rate of 9.75% per annum. The loan was
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Another sum of Rs.…