Vidhata Machinery Private Limited, claiming to be a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Aditya Prints Private Limited, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in repayment of an inter-corporate loan.
Vidhata Machinery Private Limited filed an application against Aditya Prints Private Limited under Section 7 of the IBC, 2016.
The application was based on a default in repayment of an inter-corporate loan.
The applicant and corporate debtor entered into an Inter Corporate Loan Agreement dated 23.06.2011, with the applicant providing finance of Rs. 2,69,70,000/- at 12% interest.
The corporate debtor acknowledged the debt in letters dated 08.04.2017 and 10.01.2018 but stated it was facing financial crisis.
The corporate debtor admitted to owing Rs. 5,88,26,229/- including interest, as per the agreement.
The date of default was mentioned as 31.07.2017.
The applicant proposed Mr. Gordhanbhai Ratnabhai Godhani as the Interim Resolution Professional (IRP).
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Applicant and Corporate…
Applicant sent a letter…
Vidhata Machinery Private Limited, claiming to be a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Aditya Prints Private Limited, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in repayment of an inter-corporate loan.
Vidhata Machinery Private Limited filed an application against Aditya Prints Private Limited under Section 7 of the IBC, 2016.
The application was based on a default in repayment of an inter-corporate loan.
The applicant and corporate debtor entered into an Inter Corporate Loan Agreement dated 23.06.2011, with the applicant providing finance of Rs. 2,69,70,000/- at 12% interest.
The corporate debtor acknowledged the debt in letters dated 08.04.2017 and 10.01.2018 but stated it was facing financial crisis.
The corporate debtor admitted to owing Rs. 5,88,26,229/- including interest, as per the agreement.
The date of default was mentioned as 31.07.2017.
The applicant proposed Mr. Gordhanbhai Ratnabhai Godhani as the Interim Resolution Professional (IRP).
Applicant and Corporate…
Applicant sent a letter…