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, 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 defaulted on a loan from State Bank of India and approached the Financial Creditor for assistance. The Corporate Debtor and Financial Creditor entered into an Agreement to Sale on 09.04.2019, wherein the Corporate Debtor agreed to repay the amount by 31.03.2020.
…Akshay Techforge Private Limited (Corporate Debtor) defaulted on a loan from State Bank of India and needed funds to settle outstanding dues. The Corporate Debtor approached Advantagesai Projects Private Limited (Financial Creditor) for financial assistance. The Financial Creditor disbursed Rs.48,36,540/- to the Corporate Debtor up to 12.11.2018. The Financial Creditor agreed to lend Rs.1.00 Crore to the Corporate Debtor on or before 10.04.2019. The Corporate Debtor and the Financial Creditor entered into an Agreement to Sale on 09.04.2019, acknowledging the earlier disbursal. The Corporate Debtor agreed to repay the amount on or before 31.03.2020. The Financial Creditor and Corporate Debtor entered into an Agreement to Sale on 01.04.2020, extending the repayment terms
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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, 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 defaulted on a loan from State Bank of India and approached the Financial Creditor for assistance. The Corporate Debtor and Financial Creditor entered into an Agreement to Sale on 09.04.2019, wherein the Corporate Debtor agreed to repay the amount by 31.03.2020.
…Akshay Techforge Private Limited (Corporate Debtor) defaulted on a loan from State Bank of India and needed funds to settle outstanding dues. The Corporate Debtor approached Advantagesai Projects Private Limited (Financial Creditor) for financial assistance. The Financial Creditor disbursed Rs.48,36,540/- to the Corporate Debtor up to 12.11.2018. The Financial Creditor agreed to lend Rs.1.00 Crore to the Corporate Debtor on or before 10.04.2019. The Corporate Debtor and the Financial Creditor entered into an Agreement to Sale on 09.04.2019, acknowledging the earlier disbursal. The Corporate Debtor agreed to repay the amount on or before 31.03.2020. The Financial Creditor and Corporate Debtor entered into an Agreement to Sale on 01.04.2020, extending the repayment terms
…Financial Creditor…
Corporate Debtor and…