TUF Metallurgical (P) Ltd. filed a petition against Albus India Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the corporate insolvency resolution process (CIRP). The case arises from a financial assistance agreement between the parties, where TUF Metallurgical provided financial assistance to Albus India Limited. Albus India Limited failed to repay the loan as per the agreement, leading to the filing of this petition.
TUF Metallurgical (P) Ltd. (Operational Creditor) and Albus India Limited (Corporate Debtor) had business relationships. The Corporate Debtor approached the Financial Creditor for financial assistance in the last quarter of 2016. The Financial Creditor disbursed Rs. 2,51,44,385/- between October 2016 and March 2017, repayable by June 30, 2017, with 24% interest per annum. The financial assistance was renewed via a Finance Facility/Share Pledge Agreement dated 04.04.2017. A demand promissory note dated 17th April, 2017, was executed. The Corporate Debtor offered to pledge shares worth Rs. 5 crores as security. Albus Conserves Pvt. Ltd., a sister concern, offered security via an equitable mortgage. The Corporate Debtor failed to repay the loan as per the agreement dated
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The Corporate Debtor approached the Financial…
The Financial Creditor disbursed Rs.…
TUF Metallurgical (P) Ltd. filed a petition against Albus India Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the corporate insolvency resolution process (CIRP). The case arises from a financial assistance agreement between the parties, where TUF Metallurgical provided financial assistance to Albus India Limited. Albus India Limited failed to repay the loan as per the agreement, leading to the filing of this petition.
TUF Metallurgical (P) Ltd. (Operational Creditor) and Albus India Limited (Corporate Debtor) had business relationships. The Corporate Debtor approached the Financial Creditor for financial assistance in the last quarter of 2016. The Financial Creditor disbursed Rs. 2,51,44,385/- between October 2016 and March 2017, repayable by June 30, 2017, with 24% interest per annum. The financial assistance was renewed via a Finance Facility/Share Pledge Agreement dated 04.04.2017. A demand promissory note dated 17th April, 2017, was executed. The Corporate Debtor offered to pledge shares worth Rs. 5 crores as security. Albus Conserves Pvt. Ltd., a sister concern, offered security via an equitable mortgage. The Corporate Debtor failed to repay the loan as per the agreement dated
…The Corporate Debtor approached the Financial…
The Financial Creditor disbursed Rs.…