M/S MICRO UNITS' DEVELOPMENT AND REFINANCE AGENCY LIMITED (MUDRA), a financial creditor, filed a Section 7 application under the IBC, 2016, to initiate CIRP against M/S ADHIKAR MICROFINANCE PRIVATE LIMITED, the corporate debtor, for an outstanding financial debt of Rs.1,68,30,860/-. The first default occurred on 10.11.2021, stemming from a Rs.4.50 Crore term loan disbursed on 13.12.2019. The Corporate Debtor contested the application, arguing it was a Financial Service Provider (NBFC whose license was cancelled), disputed the default amount, claimed it was below the statutory threshold, and asserted the application was time-barred.
M/S MICRO UNITS' DEVELOPMENT AND REFINANCE AGENCY LIMITED (MUDRA) filed a Section 7 application under IBC, 2016, against M/S ADHIKAR MICROFINANCE PRIVATE LIMITED.
MUDRA claimed an outstanding financial debt of Rs.1,68,30,860/-, including principal overdue of Rs.1,26,82,412/- and interest overdue of Rs.41,48,448/-.
The first default, as per MUDRA, occurred on 10.11.2021.
MUDRA sanctioned a term loan of Rs.4.50 Crores to the Corporate Debtor on 04.12.2019, which was disbursed on 13.12.2019.
The Corporate Debtor's loan account was classified as Non-Performing Asset (NPA) on 08.02.2022.
MUDRA issued a Recall Notice to the Corporate Debtor on 23.08.2022.
The Corporate Debtor was registered as an NBFC with the Reserve Bank of India, engaged in microfinance lending.
…Sign in to view the parties.
Term loan of Rs.4.50…
The sanctioned term…
M/S MICRO UNITS' DEVELOPMENT AND REFINANCE AGENCY LIMITED (MUDRA), a financial creditor, filed a Section 7 application under the IBC, 2016, to initiate CIRP against M/S ADHIKAR MICROFINANCE PRIVATE LIMITED, the corporate debtor, for an outstanding financial debt of Rs.1,68,30,860/-. The first default occurred on 10.11.2021, stemming from a Rs.4.50 Crore term loan disbursed on 13.12.2019. The Corporate Debtor contested the application, arguing it was a Financial Service Provider (NBFC whose license was cancelled), disputed the default amount, claimed it was below the statutory threshold, and asserted the application was time-barred.
M/S MICRO UNITS' DEVELOPMENT AND REFINANCE AGENCY LIMITED (MUDRA) filed a Section 7 application under IBC, 2016, against M/S ADHIKAR MICROFINANCE PRIVATE LIMITED.
MUDRA claimed an outstanding financial debt of Rs.1,68,30,860/-, including principal overdue of Rs.1,26,82,412/- and interest overdue of Rs.41,48,448/-.
The first default, as per MUDRA, occurred on 10.11.2021.
MUDRA sanctioned a term loan of Rs.4.50 Crores to the Corporate Debtor on 04.12.2019, which was disbursed on 13.12.2019.
The Corporate Debtor's loan account was classified as Non-Performing Asset (NPA) on 08.02.2022.
MUDRA issued a Recall Notice to the Corporate Debtor on 23.08.2022.
The Corporate Debtor was registered as an NBFC with the Reserve Bank of India, engaged in microfinance lending.
…Term loan of Rs.4.50…
The sanctioned term…