Endogram Leasing and Trading Company Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Alchemist Capital Limited for initiation of Corporate Insolvency Resolution Process (CIRP) due to a default amount of Rs. 5,57,00,740/- as on 31.12.2021.
The Corporate Debtor obtained an unsecured loan of Rs. 2,91,00,973/- from the Financial Creditor on 30.06.2011, pursuant to a Loan Agreement dated 01.07.2011.
The loan tenure was ten years commencing from 01.07.2011.
The Agreement contained a call option enabling the Financial Creditor to convert the loan into equity shares, but this option was not exercised.
The Corporate Debtor neither repaid the principal nor paid any interest due from 01.07.2014, leading to an outstanding liability of Rs. 5,18,14,642/- as of 30.06.2021.
The Financial Creditor issued a demand letter dated 12.07.2021, calling upon the Corporate Debtor to repay the said amount.
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The Financial Creditor disbursed an unsecured…
Loan Agreeme…
Endogram Leasing and Trading Company Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Alchemist Capital Limited for initiation of Corporate Insolvency Resolution Process (CIRP) due to a default amount of Rs. 5,57,00,740/- as on 31.12.2021.
The Corporate Debtor obtained an unsecured loan of Rs. 2,91,00,973/- from the Financial Creditor on 30.06.2011, pursuant to a Loan Agreement dated 01.07.2011.
The loan tenure was ten years commencing from 01.07.2011.
The Agreement contained a call option enabling the Financial Creditor to convert the loan into equity shares, but this option was not exercised.
The Corporate Debtor neither repaid the principal nor paid any interest due from 01.07.2014, leading to an outstanding liability of Rs. 5,18,14,642/- as of 30.06.2021.
The Financial Creditor issued a demand letter dated 12.07.2021, calling upon the Corporate Debtor to repay the said amount.
…The Financial Creditor disbursed an unsecured…
Loan Agreeme…