The case involves an application filed by V.K Mercantile Pvt Ltd, the Operational Creditor, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Akhrot Developers Private Ltd, the Corporate Debtor, under Section 9 of the IBC Code, 2016. The alleged default is due to an outstanding balance of Rs. 7,82,99,523/- on account of a loan claimed to be granted to the corporate debtor. The applicant claims to be a Financial Creditor, being a registered Non-Banking Finance Company. The respondent company was incorporated on 13.11.2023 and has its registered office in Kolkata.
V.K Mercantile Pvt Ltd, claiming to be a financial creditor, filed an application to initiate CIRP against Akhrot Developers Private Ltd, the corporate debtor, under Section 9 of the IBC Code, 2016. The claim is based on an alleged default of Rs. 7,82,99,523/-. The applicant claims to have granted a loan of Rs. 10,00,00,000/- in two equal tranches to the corporate debtor with interest at 12% per annum, repayable on demand. The receipt of the loan was allegedly confirmed by the corporate debtor in its Balance Confirmation of Accounts for the financial year 01.4.2017 to 31.3.2023. The corporate debtor allegedly defaulted in payment of interest, leading to the issuance of a demand notice dated 27.11.2023. The corporate debtor argued that there was no written loan
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The case involves an application filed by V.K Mercantile Pvt Ltd, the Operational Creditor, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Akhrot Developers Private Ltd, the Corporate Debtor, under Section 9 of the IBC Code, 2016. The alleged default is due to an outstanding balance of Rs. 7,82,99,523/- on account of a loan claimed to be granted to the corporate debtor. The applicant claims to be a Financial Creditor, being a registered Non-Banking Finance Company. The respondent company was incorporated on 13.11.2023 and has its registered office in Kolkata.
V.K Mercantile Pvt Ltd, claiming to be a financial creditor, filed an application to initiate CIRP against Akhrot Developers Private Ltd, the corporate debtor, under Section 9 of the IBC Code, 2016. The claim is based on an alleged default of Rs. 7,82,99,523/-. The applicant claims to have granted a loan of Rs. 10,00,00,000/- in two equal tranches to the corporate debtor with interest at 12% per annum, repayable on demand. The receipt of the loan was allegedly confirmed by the corporate debtor in its Balance Confirmation of Accounts for the financial year 01.4.2017 to 31.3.2023. The corporate debtor allegedly defaulted in payment of interest, leading to the issuance of a demand notice dated 27.11.2023. The corporate debtor argued that there was no written loan
…Reference to the…
Start of the financial year for which the…