Advantagesai Projects Private Limited (Financial Creditor) initiated Corporate Insolvency Resolution Process (CIRP) against Akshay Techforge Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), citing a default in repayment of financial assistance. The National Company Law Tribunal (NCLT) initially dismissed the petition, ruling that the transaction was an 'Agreement to Sale' and did not constitute a 'financial debt'. This dismissal was subsequently challenged before the National Company Law Appellate Tribunal (NCLAT).
Advantagesai Projects Private Limited (Financial Creditor) filed Company Petition No. 1049/2021 under Section 7 of the IBC against Akshay Techforge Private Limited (Corporate Debtor).
The petition sought to initiate Corporate Insolvency Resolution Process (CIRP) due to default in repayment of financial assistance.
IA No. 3642/2025 was filed by the Applicant (Financial Creditor) for interim relief to restrain the Corporate Debtor from alienating, encumbering, or creating third-party interests on its assets.
The Financial Creditor disbursed Rs. 1,48,40,466/- to the Corporate Debtor as financial assistance.
An interest rate of 18% per annum was payable as per the Memorandum of Understanding dated 09.04.2020.
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Financial Creditor advanced various sums…
Parties entered into an Agreement to Sale,…
Advantagesai Projects Private Limited (Financial Creditor) initiated Corporate Insolvency Resolution Process (CIRP) against Akshay Techforge Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), citing a default in repayment of financial assistance. The National Company Law Tribunal (NCLT) initially dismissed the petition, ruling that the transaction was an 'Agreement to Sale' and did not constitute a 'financial debt'. This dismissal was subsequently challenged before the National Company Law Appellate Tribunal (NCLAT).
Advantagesai Projects Private Limited (Financial Creditor) filed Company Petition No. 1049/2021 under Section 7 of the IBC against Akshay Techforge Private Limited (Corporate Debtor).
The petition sought to initiate Corporate Insolvency Resolution Process (CIRP) due to default in repayment of financial assistance.
IA No. 3642/2025 was filed by the Applicant (Financial Creditor) for interim relief to restrain the Corporate Debtor from alienating, encumbering, or creating third-party interests on its assets.
The Financial Creditor disbursed Rs. 1,48,40,466/- to the Corporate Debtor as financial assistance.
An interest rate of 18% per annum was payable as per the Memorandum of Understanding dated 09.04.2020.
…Financial Creditor advanced various sums…
Parties entered into an Agreement to Sale,…