M/s. Trust Metals & Minerals Enterprises, a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Siri Smelters & Energy Private Limited, the Corporate Debtor, for defaulting on a loan repayment.
The Corporate Debtor was incorporated on 18.01.2011 and is in the business of manufacturing ferro alloys.
The Financial Creditor is a partnership firm represented by its partner, Shri Guttula Subbarao.
The Managing Director of the Corporate Debtor, Shri Sajja Naga Mohan, requested a loan from the Financial Creditor to meet outstanding electricity dues and working capital requirements.
A Loan Agreement was executed on 03.04.2024, with the Corporate Debtor availing a loan of Rs.4,50,00,000/- at an interest rate of 18% per annum.
The Financial Creditor disbursed the entire loan amount of Rs.4,50,00,000/- through online bank transfers.
The Loan Agreement stipulated that the entire outstanding principal and interest should be repaid on or before 31.08.2025.
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Loan Agreement executed…
Financial Creditor…
M/s. Trust Metals & Minerals Enterprises, a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Siri Smelters & Energy Private Limited, the Corporate Debtor, for defaulting on a loan repayment.
The Corporate Debtor was incorporated on 18.01.2011 and is in the business of manufacturing ferro alloys.
The Financial Creditor is a partnership firm represented by its partner, Shri Guttula Subbarao.
The Managing Director of the Corporate Debtor, Shri Sajja Naga Mohan, requested a loan from the Financial Creditor to meet outstanding electricity dues and working capital requirements.
A Loan Agreement was executed on 03.04.2024, with the Corporate Debtor availing a loan of Rs.4,50,00,000/- at an interest rate of 18% per annum.
The Financial Creditor disbursed the entire loan amount of Rs.4,50,00,000/- through online bank transfers.
The Loan Agreement stipulated that the entire outstanding principal and interest should be repaid on or before 31.08.2025.
…Loan Agreement executed…
Financial Creditor…