BMM Ispat Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Capiqal Consultancy Services Private Limited, the Corporate Debtor, due to a default on an Inter Corporate Deposit (ICD) agreement.
BMM Ispat Limited (Financial Creditor) filed an application under Section 7 of the IBC to initiate CIRP against Capiqal Consultancy Services Private Limited (Corporate Debtor).
The application was filed on 30.10.2024.
The Financial Creditor disbursed Rs. 20,00,00,000/- to the Corporate Debtor under an Inter Corporate Deposit (ICD) Agreement dated 29.01.2021.
The Corporate Debtor defaulted on the repayment of the ICD.
The total amount claimed to be in default is Rs. 16,91,72,520/- as on 27.09.2024.
The Corporate Debtor argued that the application was barred under Section 10A of the IBC.
The Financial Creditor contended that the date of default was 31.10.2021, which is outside the period specified under Section 10A of the IBC.
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BMM Ispat Limited filed…
Inter Corporate Deposit Agreement executed…
BMM Ispat Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Capiqal Consultancy Services Private Limited, the Corporate Debtor, due to a default on an Inter Corporate Deposit (ICD) agreement.
BMM Ispat Limited (Financial Creditor) filed an application under Section 7 of the IBC to initiate CIRP against Capiqal Consultancy Services Private Limited (Corporate Debtor).
The application was filed on 30.10.2024.
The Financial Creditor disbursed Rs. 20,00,00,000/- to the Corporate Debtor under an Inter Corporate Deposit (ICD) Agreement dated 29.01.2021.
The Corporate Debtor defaulted on the repayment of the ICD.
The total amount claimed to be in default is Rs. 16,91,72,520/- as on 27.09.2024.
The Corporate Debtor argued that the application was barred under Section 10A of the IBC.
The Financial Creditor contended that the date of default was 31.10.2021, which is outside the period specified under Section 10A of the IBC.
…BMM Ispat Limited filed…
Inter Corporate Deposit Agreement executed…