Magma Housing Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Aagam Infrabuild Private Limited, claiming a default of Rs. 43,20,000/- including interest. The application was heard ex-parte against the Corporate Debtor. The Corporate Debtor contended that the loan was actually borrowed by Mr. Minesh B. Busha and Ms. Pravina M. Busha as a housing loan from the Financial Creditor, and they are liable to repay the same. The Corporate Debtor also claimed that it is a going concern and a viable company.
Magma Housing Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Aagam Infrabuild Private Limited, claiming a default of Rs. 43,20,000/- including interest of Rs. 6,44,804. The date of disbursement was stated as 2018-11-29, and the date of default was stated as 2020-01-27. The Corporate Debtor contended that the loan was actually borrowed by Mr. Minesh B. Busha and Ms. Pravina M. Busha as a housing loan from the Financial Creditor. The Financial Creditor sanctioned a loan of Rs. 48,00,000/- but disbursed only Rs. 43,20,000/-. The Corporate Debtor issued a letter of allotment dated 2018-10-22 wherein consideration for the sale of flat is shown at Rs. 63 lakhs. Borrowers had remitted Rs. 13,25,000/-
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Corporate Debtor issued a letter of allotment…
Magma Housing Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Aagam Infrabuild Private Limited, claiming a default of Rs. 43,20,000/- including interest. The application was heard ex-parte against the Corporate Debtor. The Corporate Debtor contended that the loan was actually borrowed by Mr. Minesh B. Busha and Ms. Pravina M. Busha as a housing loan from the Financial Creditor, and they are liable to repay the same. The Corporate Debtor also claimed that it is a going concern and a viable company.
Magma Housing Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Aagam Infrabuild Private Limited, claiming a default of Rs. 43,20,000/- including interest of Rs. 6,44,804. The date of disbursement was stated as 2018-11-29, and the date of default was stated as 2020-01-27. The Corporate Debtor contended that the loan was actually borrowed by Mr. Minesh B. Busha and Ms. Pravina M. Busha as a housing loan from the Financial Creditor. The Financial Creditor sanctioned a loan of Rs. 48,00,000/- but disbursed only Rs. 43,20,000/-. The Corporate Debtor issued a letter of allotment dated 2018-10-22 wherein consideration for the sale of flat is shown at Rs. 63 lakhs. Borrowers had remitted Rs. 13,25,000/-
…Borrowers remi…
Corporate Debtor issued a letter of allotment…