The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by M/S Micro Units Development and Refinance Agency Limited (MUDRA) against M/S Margdarshak Financial Services Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). MUDRA, the financial creditor, claims a total financial debt of Rs. 6,15,26,697/- as of 14.11.2024, with the date of default being 10.02.2021. The application was filed on 08.12.2024. The Corporate Debtor's management had not filed financial statements with the Registrar of Companies since 31.03.2020, and the Reserve Bank of India (RBI) had issued a press release on 22.08.2024, cancelling the Corporate Debtor's certificate of registration as an NBFC.
M/S Micro Units Development and Refinance Agency Limited (MUDRA) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Margdarshak Financial Services Limited, seeking initiation of CIRP. The application was filed on 08.12.2024. MUDRA claimed a financial debt of Rs. 6,15,26,697/- as of 14.11.2024, with the date of default being 10.02.2021. The Corporate Debtor had two term loans sanctioned, one for Rs. 10,00,00,000 sanctioned on 22.03.2018 and another for Rs. 7,00,00,000 sanctioned on 23.10.2019. The Corporate Debtor made payments towards installments, interest, and other charges up to 10.01.2021 for Loan Account No. 001200605000063. The Corporate Debtor failed to discharge its obligation to pay all the installments which fell due
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The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by M/S Micro Units Development and Refinance Agency Limited (MUDRA) against M/S Margdarshak Financial Services Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). MUDRA, the financial creditor, claims a total financial debt of Rs. 6,15,26,697/- as of 14.11.2024, with the date of default being 10.02.2021. The application was filed on 08.12.2024. The Corporate Debtor's management had not filed financial statements with the Registrar of Companies since 31.03.2020, and the Reserve Bank of India (RBI) had issued a press release on 22.08.2024, cancelling the Corporate Debtor's certificate of registration as an NBFC.
M/S Micro Units Development and Refinance Agency Limited (MUDRA) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Margdarshak Financial Services Limited, seeking initiation of CIRP. The application was filed on 08.12.2024. MUDRA claimed a financial debt of Rs. 6,15,26,697/- as of 14.11.2024, with the date of default being 10.02.2021. The Corporate Debtor had two term loans sanctioned, one for Rs. 10,00,00,000 sanctioned on 22.03.2018 and another for Rs. 7,00,00,000 sanctioned on 23.10.2019. The Corporate Debtor made payments towards installments, interest, and other charges up to 10.01.2021 for Loan Account No. 001200605000063. The Corporate Debtor failed to discharge its obligation to pay all the installments which fell due
…The date of de…
Corporate Debtor was…