JFC Finance (India) Limited filed an application against Ajit Solar Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's default in repayment of a loan amount. JFC Finance claimed to be a non-banking financial company, while Ajit Solar was a private limited company. A loan facility agreement was entered into on 05.12.2018, where JFC Finance disbursed Rs. 30,00,000 to Ajit Solar, with an interest rate of 18% p.a. and a penal interest of 1% p.m. The loan was to be repaid in 12 fortnightly installments. The corporate debtor defaulted on payments, and cheques issued were dishonored.
JFC Finance (India) Limited, a non-banking financial company, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ajit Solar Private Limited, a private limited company. A loan facility agreement was executed on 05.12.2018, where JFC Finance disbursed Rs. 30,00,000 to Ajit Solar. The loan carried an interest rate of 18% per annum and a penal interest of 1% per month, repayable in 12 fortnightly installments. Ajit Solar defaulted on payments, and a cheque dated 20.01.2019 for Rs. 2,62,439 was dishonored on 24.01.2019 due to 'Insufficient Funds'. JFC Finance issued a letter on 25.01.2019 requesting payment, but Ajit Solar expressed inability to pay due to a shortage of funds. Another cheque was dishonored, and JFC Finance demanded
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Loan amount of Rs.…
Loan Facility Agreement dated 05.12.2018,…
JFC Finance (India) Limited filed an application against Ajit Solar Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's default in repayment of a loan amount. JFC Finance claimed to be a non-banking financial company, while Ajit Solar was a private limited company. A loan facility agreement was entered into on 05.12.2018, where JFC Finance disbursed Rs. 30,00,000 to Ajit Solar, with an interest rate of 18% p.a. and a penal interest of 1% p.m. The loan was to be repaid in 12 fortnightly installments. The corporate debtor defaulted on payments, and cheques issued were dishonored.
JFC Finance (India) Limited, a non-banking financial company, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ajit Solar Private Limited, a private limited company. A loan facility agreement was executed on 05.12.2018, where JFC Finance disbursed Rs. 30,00,000 to Ajit Solar. The loan carried an interest rate of 18% per annum and a penal interest of 1% per month, repayable in 12 fortnightly installments. Ajit Solar defaulted on payments, and a cheque dated 20.01.2019 for Rs. 2,62,439 was dishonored on 24.01.2019 due to 'Insufficient Funds'. JFC Finance issued a letter on 25.01.2019 requesting payment, but Ajit Solar expressed inability to pay due to a shortage of funds. Another cheque was dishonored, and JFC Finance demanded
…Loan amount of Rs.…
Loan Facility Agreement dated 05.12.2018,…