M/s. India Factoring & Finance Solutions Private Limited, the Applicant/Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Altech Infrastructure Private Limited, the Respondent/Corporate Debtor. The Applicant had provided trade finance facilities to the Respondent, which the Respondent defaulted on. The application was initially dismissed due to a settlement, but was later revived after the Respondent's post-dated cheques were dishonored. The Applicant claimed a default amount of Rs. 2,18,07,144.95 as of 30.06.2021.
M/s. India Factoring & Finance Solutions Private Limited (Applicant/Financial Creditor) provided trade finance facilities to M/s. Altech Infrastructure Private Limited (Respondent/Corporate Debtor). The initial facility was provided vide Facility Letter dated 31.05.2017, with a funds-in-use limit of Rs 5,25,00,000/-, which was later amended on 31.10.2017 to Rs. 8,25,00,000/-. The Respondent defaulted on repayment, leading to a sum of Rs. 3,91,11,953/- due as on 08.01.2019. The Applicant sent a demand letter on 14.01.2019. Initially, the parties settled, with the Respondent making a part-payment of Rs 1 Crore and issuing post-dated cheques. The application was dismissed on 16.09.2019 due to the settlement. However, the post-dated cheques were dishonored, leading the
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Applicant provided trade finance facility to…
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M/s. India Factoring & Finance Solutions Private Limited, the Applicant/Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Altech Infrastructure Private Limited, the Respondent/Corporate Debtor. The Applicant had provided trade finance facilities to the Respondent, which the Respondent defaulted on. The application was initially dismissed due to a settlement, but was later revived after the Respondent's post-dated cheques were dishonored. The Applicant claimed a default amount of Rs. 2,18,07,144.95 as of 30.06.2021.
M/s. India Factoring & Finance Solutions Private Limited (Applicant/Financial Creditor) provided trade finance facilities to M/s. Altech Infrastructure Private Limited (Respondent/Corporate Debtor). The initial facility was provided vide Facility Letter dated 31.05.2017, with a funds-in-use limit of Rs 5,25,00,000/-, which was later amended on 31.10.2017 to Rs. 8,25,00,000/-. The Respondent defaulted on repayment, leading to a sum of Rs. 3,91,11,953/- due as on 08.01.2019. The Applicant sent a demand letter on 14.01.2019. Initially, the parties settled, with the Respondent making a part-payment of Rs 1 Crore and issuing post-dated cheques. The application was dismissed on 16.09.2019 due to the settlement. However, the post-dated cheques were dishonored, leading the
…Applicant provided trade finance facility to…
Facility limit…