The case involves a petition filed by Praful Satra (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against MD Development Private Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a loan repayment of ₹1,84,57,850/-. The Corporate Debtor denied any amount payable.
Praful Satra (Financial Creditor) filed a petition under Section 7 of the IBC to initiate CIRP against MD Development Private Limited (Corporate Debtor). The Corporate Debtor was incorporated on 07.05.2007. The Financial Creditor extended an interest-free loan of ₹9,37,52,350 to the Corporate Debtor between 02.05.2018 and 05.03.2019, repayable on demand. The Corporate Debtor repaid ₹7,52,94,500 between 05.03.2019 and 15.06.2021, leaving an outstanding balance of ₹1,84,57,850. A demand notice was issued on 26.08.2021. The Corporate Debtor denied any amount payable in its reply filed on 18.01.2022. The Financial Creditor submitted accounts confirmation from 01.04.2018 to 31.03.2021 and auditor's reports for 2018-2019 and 2019-2020. The Corporate Debtor's financial
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MD Development…
Financial Creditor…
The case involves a petition filed by Praful Satra (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against MD Development Private Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a loan repayment of ₹1,84,57,850/-. The Corporate Debtor denied any amount payable.
Praful Satra (Financial Creditor) filed a petition under Section 7 of the IBC to initiate CIRP against MD Development Private Limited (Corporate Debtor). The Corporate Debtor was incorporated on 07.05.2007. The Financial Creditor extended an interest-free loan of ₹9,37,52,350 to the Corporate Debtor between 02.05.2018 and 05.03.2019, repayable on demand. The Corporate Debtor repaid ₹7,52,94,500 between 05.03.2019 and 15.06.2021, leaving an outstanding balance of ₹1,84,57,850. A demand notice was issued on 26.08.2021. The Corporate Debtor denied any amount payable in its reply filed on 18.01.2022. The Financial Creditor submitted accounts confirmation from 01.04.2018 to 31.03.2021 and auditor's reports for 2018-2019 and 2019-2020. The Corporate Debtor's financial
…MD Development…
Financial Creditor…