The case involves an application filed by M/s Digital Compusystems Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Mahamay Building Solution Private Limited, the corporate debtor, due to a default in payment of Rs. 3,66,84,383/-. The applicant, a financial creditor, claims that the corporate debtor failed to repay a loan amount disbursed under a Memorandum of Understanding (MoU) dated 15.04.2019.
M/s Digital Compusystems Private Limited (the applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Mahamay Building Solution Private Limited (the corporate debtor). The applicant claimed that the corporate debtor defaulted in payment of Rs. 3,66,84,383/-. The applicant and the corporate debtor entered into a Memorandum of Understanding (MoU) dated 15.04.2019, under which the applicant provided construction finance to the corporate debtor. The loan facility amounted to Rs. 1,70,00,000/- disbursed in multiple tranches between 07.05.2019 and 26.07.2019. Clause 4 of the MoU stipulated that the loan amount was to be repaid within two years from the date of first
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Memorandum of…
First disbursement of…
The case involves an application filed by M/s Digital Compusystems Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Mahamay Building Solution Private Limited, the corporate debtor, due to a default in payment of Rs. 3,66,84,383/-. The applicant, a financial creditor, claims that the corporate debtor failed to repay a loan amount disbursed under a Memorandum of Understanding (MoU) dated 15.04.2019.
M/s Digital Compusystems Private Limited (the applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Mahamay Building Solution Private Limited (the corporate debtor). The applicant claimed that the corporate debtor defaulted in payment of Rs. 3,66,84,383/-. The applicant and the corporate debtor entered into a Memorandum of Understanding (MoU) dated 15.04.2019, under which the applicant provided construction finance to the corporate debtor. The loan facility amounted to Rs. 1,70,00,000/- disbursed in multiple tranches between 07.05.2019 and 26.07.2019. Clause 4 of the MoU stipulated that the loan amount was to be repaid within two years from the date of first
…Memorandum of…
First disbursement of…