Consolidated Infracon Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Mayur Ply Industries Private Limited, the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total sum of Rs. 53,72,329/- as the outstanding debt. The Corporate Debtor, in its reply, submitted that the application was not maintainable due to a bona fide dispute regarding the default amount. The Corporate Debtor also filed an interlocutory application seeking dismissal of the insolvency application, citing an amicable settlement where it proposed to pay the entire sum in installments. The Financial Creditor had also initiated proceedings under Section
…Consolidated Infracon Private Limited (Financial Creditor) extended a loan of Rs. 50,00,000/- to Mayur Ply Industries Private Limited (Corporate Debtor) via Inter Corporate Deposit on September 1, 2018, with a maturity date of December 2, 2018. The interest rate was agreed at 9% per annum, repayable with interest on December 3, 2018. The Corporate Debtor defaulted on repayments. The Financial Creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming a total default of Rs. 53,72,329/-, including principal and accrued interest. The Corporate Debtor, without disputing the loan's existence, claimed a bona fide dispute regarding the default amount and proposed an amicable settlement with installment payments. The Corporate Debtor
…Sign in to view the parties.
Financial Creditor…
Maturity date…
Consolidated Infracon Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Mayur Ply Industries Private Limited, the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total sum of Rs. 53,72,329/- as the outstanding debt. The Corporate Debtor, in its reply, submitted that the application was not maintainable due to a bona fide dispute regarding the default amount. The Corporate Debtor also filed an interlocutory application seeking dismissal of the insolvency application, citing an amicable settlement where it proposed to pay the entire sum in installments. The Financial Creditor had also initiated proceedings under Section
…Consolidated Infracon Private Limited (Financial Creditor) extended a loan of Rs. 50,00,000/- to Mayur Ply Industries Private Limited (Corporate Debtor) via Inter Corporate Deposit on September 1, 2018, with a maturity date of December 2, 2018. The interest rate was agreed at 9% per annum, repayable with interest on December 3, 2018. The Corporate Debtor defaulted on repayments. The Financial Creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming a total default of Rs. 53,72,329/-, including principal and accrued interest. The Corporate Debtor, without disputing the loan's existence, claimed a bona fide dispute regarding the default amount and proposed an amicable settlement with installment payments. The Corporate Debtor
…Financial Creditor…
Maturity date…