The case involves an application filed by Meck Pharmaceuticals & Chemicals Pvt Ltd (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Accurate Infrabuild Private Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a loan of Rs. 1 crore advanced for a construction project named "Madina Heights", with an agreed interest rate of 18% per annum and a 15% share in profits. The Corporate Debtor denied the existence of a financial debt and claimed that the project was not completed, and the demand for profit sharing was baseless.
Meck Pharmaceuticals & Chemicals Pvt Ltd (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Accurate Infrabuild Private Limited (Corporate Debtor). The Financial Creditor claimed to have advanced a loan of Rs. 1 crore to the Corporate Debtor for a construction project named "Madina Heights", with an agreed interest rate of 18% per annum and a 15% share in profits. The loan was disbursed on 18.02.2010 via cheque. The Corporate Debtor allegedly defaulted on the repayment. The Financial Creditor issued legal notices and demand notices to the Corporate Debtor. The Corporate Debtor denied the existence of a financial debt, claiming that the
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Meck Pharmaceu…
Accurate Infrabuild…
The case involves an application filed by Meck Pharmaceuticals & Chemicals Pvt Ltd (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Accurate Infrabuild Private Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a loan of Rs. 1 crore advanced for a construction project named "Madina Heights", with an agreed interest rate of 18% per annum and a 15% share in profits. The Corporate Debtor denied the existence of a financial debt and claimed that the project was not completed, and the demand for profit sharing was baseless.
Meck Pharmaceuticals & Chemicals Pvt Ltd (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Accurate Infrabuild Private Limited (Corporate Debtor). The Financial Creditor claimed to have advanced a loan of Rs. 1 crore to the Corporate Debtor for a construction project named "Madina Heights", with an agreed interest rate of 18% per annum and a 15% share in profits. The loan was disbursed on 18.02.2010 via cheque. The Corporate Debtor allegedly defaulted on the repayment. The Financial Creditor issued legal notices and demand notices to the Corporate Debtor. The Corporate Debtor denied the existence of a financial debt, claiming that the
…Meck Pharmaceu…
Accurate Infrabuild…