Ambrane India Pvt. Ltd., a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against MP Promoters Pvt. Ltd., the corporate debtor. The financial creditor claimed that it had granted loans to the corporate debtor, which remained unpaid. The corporate debtor disputed the claim, arguing that there was no agreement specifying the interest payable on the loan.
Ambrane India Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against MP Promoters Pvt. Ltd. (Corporate Debtor). The Financial Creditor (FC) claimed to have granted a loan of Rs. 1,01,00,000/- to the Corporate Debtor (CD) at 9% per annum, compounded on 31.03.2018. An amount of Rs. 51,00,000/- was disbursed on 26.05.2017, and an additional Rs. 50,00,000/- was disbursed on 03.06.2017. The FC submitted that the CD was liable to pay Rs. 1,21,95,953/- including interest until 31.07.2019, plus further interest at 9% per annum from 01.08.2019. The CD's balance sheet ending 31.03.2018 showed Rs. 1,01,00,000/- as a liability payable to the FC. The CD
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Rs. 51,00,000/-…
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Ambrane India Pvt. Ltd., a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against MP Promoters Pvt. Ltd., the corporate debtor. The financial creditor claimed that it had granted loans to the corporate debtor, which remained unpaid. The corporate debtor disputed the claim, arguing that there was no agreement specifying the interest payable on the loan.
Ambrane India Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against MP Promoters Pvt. Ltd. (Corporate Debtor). The Financial Creditor (FC) claimed to have granted a loan of Rs. 1,01,00,000/- to the Corporate Debtor (CD) at 9% per annum, compounded on 31.03.2018. An amount of Rs. 51,00,000/- was disbursed on 26.05.2017, and an additional Rs. 50,00,000/- was disbursed on 03.06.2017. The FC submitted that the CD was liable to pay Rs. 1,21,95,953/- including interest until 31.07.2019, plus further interest at 9% per annum from 01.08.2019. The CD's balance sheet ending 31.03.2018 showed Rs. 1,01,00,000/- as a liability payable to the FC. The CD
…Rs. 51,00,000/-…
Additional amount…