Ayodhya Finlease Limited, a non-banking financial company, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against SRGP Corporation Limited, alleging default on a financial debt of Rs. 1,93,00,000/-.
Ayodhya Finlease Limited (Financial Creditor) extended an unsecured loan of Rs. 1,99,00,000/- to SRGP Corporation Limited (Corporate Debtor) in 2017-18.
The Corporate Debtor failed to repay the loan, leading to a Settlement Agreement dated 14.03.2022.
As per the Settlement Agreement, the Corporate Debtor was to repay Rs. 2,00,00,000/- along with interest, issuing 36 post-dated cheques.
35 out of 36 cheques were dishonored with the remark 'Stop Payment by Party'.
The Financial Creditor issued legal notices to the Corporate Debtor demanding payment, but no further payments were made.
The date of default was determined to be 04.03.2023.
The Financial Creditor filed an application under Section 7 of the IBC on 05.06.2023.
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Ayodhya Finlease Limited, a non-banking financial company, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against SRGP Corporation Limited, alleging default on a financial debt of Rs. 1,93,00,000/-.
Ayodhya Finlease Limited (Financial Creditor) extended an unsecured loan of Rs. 1,99,00,000/- to SRGP Corporation Limited (Corporate Debtor) in 2017-18.
The Corporate Debtor failed to repay the loan, leading to a Settlement Agreement dated 14.03.2022.
As per the Settlement Agreement, the Corporate Debtor was to repay Rs. 2,00,00,000/- along with interest, issuing 36 post-dated cheques.
35 out of 36 cheques were dishonored with the remark 'Stop Payment by Party'.
The Financial Creditor issued legal notices to the Corporate Debtor demanding payment, but no further payments were made.
The date of default was determined to be 04.03.2023.
The Financial Creditor filed an application under Section 7 of the IBC on 05.06.2023.
…Ayodhya Finlease Limited disbursed an…
The parties entered…