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, due to default in repayment of a loan.
The Corporate Debtor was incorporated on 18.01.2011 and is in the business of manufacturing ferro alloys.
The Financial Creditor and Corporate Debtor executed a Loan Agreement dated 03.04.2024 for Rs.4,50,00,000/- with an interest rate of 18% per annum.
The Financial Creditor disbursed the entire loan amount of Rs.4,50,00,000/- to the Corporate Debtor between 03.04.2024 and 03.07.2024.
The Loan Agreement stipulated that the entire outstanding principal and interest were to be repaid on or before 31.08.2025.
The Corporate Debtor failed to repay the loan amount by 31.08.2025, leading to a default.
The Financial Creditor issued a Demand Letter dated 01.09.2025, calling upon the Corporate Debtor to clear the outstanding principal and interest.
…Sign in to view the parties.
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, due to default in repayment of a loan.
The Corporate Debtor was incorporated on 18.01.2011 and is in the business of manufacturing ferro alloys.
The Financial Creditor and Corporate Debtor executed a Loan Agreement dated 03.04.2024 for Rs.4,50,00,000/- with an interest rate of 18% per annum.
The Financial Creditor disbursed the entire loan amount of Rs.4,50,00,000/- to the Corporate Debtor between 03.04.2024 and 03.07.2024.
The Loan Agreement stipulated that the entire outstanding principal and interest were to be repaid on or before 31.08.2025.
The Corporate Debtor failed to repay the loan amount by 31.08.2025, leading to a default.
The Financial Creditor issued a Demand Letter dated 01.09.2025, calling upon the Corporate Debtor to clear the outstanding principal and interest.
…Loan Agreement executed…
Financial Creditor…