The case involves an application filed by Anand Kumar Agarwala, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Power Pack Steel Industries Private Limited, the Corporate Debtor. The Financial Creditor claims that the Corporate Debtor defaulted in repaying a financial debt of Rs. 45,00,000. The application was initially filed before NCLT, Mumbai, and later transferred to the Cuttack Bench. The Corporate Debtor contested the application, alleging that the Financial Creditor is not a licensed money lender and that the loan was mistakenly described as an 'accommodation loan'.
Anand Kumar Agarwala, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Power Pack Steel Industries Private Limited, the Corporate Debtor. The Financial Creditor disbursed a short-term loan of Rs. 10,00,000 on February 8, 2016, and a further loan of Rs. 35,00,000 on June 29, 2017, to the Corporate Debtor. These loans were disbursed via RTGS transfers to the Corporate Debtor's Federal Bank account. The Corporate Debtor allegedly defaulted in repaying the financial debt of Rs. 45,00,000. The Corporate Debtor made some interest payments until June 28, 2017. The Corporate Debtor also made bank transfers of Rs. 1,53,123 and Rs. 30,624 on October 22,
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Financial Creditor…
Financial Creditor…
The case involves an application filed by Anand Kumar Agarwala, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Power Pack Steel Industries Private Limited, the Corporate Debtor. The Financial Creditor claims that the Corporate Debtor defaulted in repaying a financial debt of Rs. 45,00,000. The application was initially filed before NCLT, Mumbai, and later transferred to the Cuttack Bench. The Corporate Debtor contested the application, alleging that the Financial Creditor is not a licensed money lender and that the loan was mistakenly described as an 'accommodation loan'.
Anand Kumar Agarwala, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Power Pack Steel Industries Private Limited, the Corporate Debtor. The Financial Creditor disbursed a short-term loan of Rs. 10,00,000 on February 8, 2016, and a further loan of Rs. 35,00,000 on June 29, 2017, to the Corporate Debtor. These loans were disbursed via RTGS transfers to the Corporate Debtor's Federal Bank account. The Corporate Debtor allegedly defaulted in repaying the financial debt of Rs. 45,00,000. The Corporate Debtor made some interest payments until June 28, 2017. The Corporate Debtor also made bank transfers of Rs. 1,53,123 and Rs. 30,624 on October 22,
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Financial Creditor…