This case involves an application filed by Schaeffler Elmotec Statomat GMBH, the Financial Creditor (FC), under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate Corporate Insolvency Resolution Process (CIRP) against Statomat Special Machines (India) Pvt. Ltd., the Corporate Debtor (CD). The application was filed on 03.01.2025.
Schaeffler Elmotec Statomat GMBH filed an application under Section 7 of the IBC to initiate CIRP against Statomat Special Machines (India) Pvt. Ltd.
The Financial Creditor claimed a default amount of Rs.3,39,86,527/- as of 03.01.2025, with the date of default being 19.12.2024.
The Corporate Debtor argued that the debt was waived and written off in the Applicant's financial statements.
The Corporate Debtor also claimed that the application was barred by limitation.
The Applicant disbursed a loan of INR 2,50,00,000/- to the Corporate Debtor on 04.12.2019, as per the Loan Agreement dated 07.11.2019.
The Corporate Debtor admitted in a letter dated 23.12.2024 that the loan and interest were due for repayment and unpaid.
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Loan Agreement executed between Schaeffler…
Loan amount of INR…
This case involves an application filed by Schaeffler Elmotec Statomat GMBH, the Financial Creditor (FC), under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate Corporate Insolvency Resolution Process (CIRP) against Statomat Special Machines (India) Pvt. Ltd., the Corporate Debtor (CD). The application was filed on 03.01.2025.
Schaeffler Elmotec Statomat GMBH filed an application under Section 7 of the IBC to initiate CIRP against Statomat Special Machines (India) Pvt. Ltd.
The Financial Creditor claimed a default amount of Rs.3,39,86,527/- as of 03.01.2025, with the date of default being 19.12.2024.
The Corporate Debtor argued that the debt was waived and written off in the Applicant's financial statements.
The Corporate Debtor also claimed that the application was barred by limitation.
The Applicant disbursed a loan of INR 2,50,00,000/- to the Corporate Debtor on 04.12.2019, as per the Loan Agreement dated 07.11.2019.
The Corporate Debtor admitted in a letter dated 23.12.2024 that the loan and interest were due for repayment and unpaid.
…Loan Agreement executed between Schaeffler…
Loan amount of INR…