The case involves a petition filed by Foster Infin and Trading Private Limited (Financial Creditor) against Affluence Engineering and Enterprises Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Financial Creditor claimed that the Corporate Debtor defaulted in repaying a sum of Rs. 1,37,34,514, which included a principal amount of Rs. 61,58,975 and interest calculated at 36% per annum from 01.12.2016 to 30.04.2020. The Corporate Debtor denied the averments, claiming the petition was barred by limitation and the debt arose from a purely business transaction.
Foster Infin and Trading Private Limited (Financial Creditor) filed a petition against Affluence Engineering and Enterprises Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 1,37,34,514, which included a principal amount of Rs. 61,58,975 and interest at 36% per annum from 01.12.2016 to 30.04.2020. The Financial Creditor had supplied 130 MTs of TMT bars in May 2016 and another 30 MTs in October 2016 to the Corporate Debtor. On 01.11.2017, both parties entered into a Loan Agreement to repay the outstanding amount in 8 quarterly installments starting from 01.12.2017 with 36% interest. The Corporate Debtor failed to make any installments. The Corporate
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Financial Creditor…
Financial Creditor…
The case involves a petition filed by Foster Infin and Trading Private Limited (Financial Creditor) against Affluence Engineering and Enterprises Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Financial Creditor claimed that the Corporate Debtor defaulted in repaying a sum of Rs. 1,37,34,514, which included a principal amount of Rs. 61,58,975 and interest calculated at 36% per annum from 01.12.2016 to 30.04.2020. The Corporate Debtor denied the averments, claiming the petition was barred by limitation and the debt arose from a purely business transaction.
Foster Infin and Trading Private Limited (Financial Creditor) filed a petition against Affluence Engineering and Enterprises Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 1,37,34,514, which included a principal amount of Rs. 61,58,975 and interest at 36% per annum from 01.12.2016 to 30.04.2020. The Financial Creditor had supplied 130 MTs of TMT bars in May 2016 and another 30 MTs in October 2016 to the Corporate Debtor. On 01.11.2017, both parties entered into a Loan Agreement to repay the outstanding amount in 8 quarterly installments starting from 01.12.2017 with 36% interest. The Corporate Debtor failed to make any installments. The Corporate
…Financial Creditor…
Financial Creditor…