Advantagesai Projects Private Limited, the Financial Creditor, filed a Company Petition (C.P. (IB) No. 1049/NCLT/MB/C-IV/2021) under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against Akshay Techforge Private Limited, the Corporate Debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a sum of Rs.1,48,40,466/- in principal and Rs.90,77,003.66 as interest @ 18% p.a., aggregating to Rs.2,39,17,469.66 as on 30.09.2021. The Corporate Debtor had initially defaulted on a loan from State Bank of India and sought financial assistance from the Financial Creditor. Several agreements, including an Agreement to Sale and a Memorandum of Understanding (MoU), were executed between the parties regarding the
…The Financial Creditor, Advantagesai Projects Private Limited, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against the Corporate Debtor, Akshay Techforge Private Limited, seeking to initiate CIRP. The Financial Creditor claimed a total debt of Rs. 2,39,17,469.66 as of 30.09.2021, comprising principal and interest. The Corporate Debtor had initially taken a loan from State Bank of India and approached the Financial Creditor for assistance. The Financial Creditor disbursed Rs. 48,36,540/- to the Corporate Debtor by 12.11.2018. Subsequently, the Financial Creditor agreed to lend Rs. 1.00 Crore to the Corporate Debtor, and an Agreement to Sale was entered on 09.04.2019, acknowledging the earlier disbursal. The Corporate Debtor agreed to
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Advantagesai Projects Private Limited, the Financial Creditor, filed a Company Petition (C.P. (IB) No. 1049/NCLT/MB/C-IV/2021) under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against Akshay Techforge Private Limited, the Corporate Debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a sum of Rs.1,48,40,466/- in principal and Rs.90,77,003.66 as interest @ 18% p.a., aggregating to Rs.2,39,17,469.66 as on 30.09.2021. The Corporate Debtor had initially defaulted on a loan from State Bank of India and sought financial assistance from the Financial Creditor. Several agreements, including an Agreement to Sale and a Memorandum of Understanding (MoU), were executed between the parties regarding the
…The Financial Creditor, Advantagesai Projects Private Limited, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against the Corporate Debtor, Akshay Techforge Private Limited, seeking to initiate CIRP. The Financial Creditor claimed a total debt of Rs. 2,39,17,469.66 as of 30.09.2021, comprising principal and interest. The Corporate Debtor had initially taken a loan from State Bank of India and approached the Financial Creditor for assistance. The Financial Creditor disbursed Rs. 48,36,540/- to the Corporate Debtor by 12.11.2018. Subsequently, the Financial Creditor agreed to lend Rs. 1.00 Crore to the Corporate Debtor, and an Agreement to Sale was entered on 09.04.2019, acknowledging the earlier disbursal. The Corporate Debtor agreed to
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Corporate Debtor and…