M/s.Learning Candid India Pvt. Ltd. filed C.P.(IB)No.307/BB/2019 under Section 7 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s.AlfaPeople IT Services Private Limited, alleging a default of Rs. 12,98,467/-. The default arose from an Inter-Corporate Loan Agreement dated 09.02.2017, where the Petitioner extended a loan of Rs. 30,00,000/- to the Corporate Debtor. The Corporate Debtor made some payments but failed to repay the entire amount along with interest. The Financial Creditor issued request letters for repayment, but the Corporate Debtor expressed inability to repay due to financial difficulties.
M/s.Learning Candid India Pvt. Ltd. (Financial Creditor) filed a petition under Section 7 of the IBC, 2016, against M/s.AlfaPeople IT Services Pvt. Ltd. (Corporate Debtor) for a default of Rs. 12,98,467/-. The Financial Creditor and Corporate Debtor entered into an Inter-Corporate Loan Agreement on 09.02.2017, where the Financial Creditor extended a loan of Rs. 30,00,000/- to the Corporate Debtor, to be repaid with 18% interest. The Corporate Debtor made partial payments but failed to repay the entire amount. The Corporate Debtor acknowledged the debt but cited financial difficulties. The Financial Creditor issued request letters for repayment. The loan was disbursed on 14.02.2017. The Financial Creditor passed a special resolution on 07.02.2017 for granting the loan.
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Execution of Inter-Corporate Loan Agreement…
Financial Creditor passed a special resolution…
M/s.Learning Candid India Pvt. Ltd. filed C.P.(IB)No.307/BB/2019 under Section 7 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s.AlfaPeople IT Services Private Limited, alleging a default of Rs. 12,98,467/-. The default arose from an Inter-Corporate Loan Agreement dated 09.02.2017, where the Petitioner extended a loan of Rs. 30,00,000/- to the Corporate Debtor. The Corporate Debtor made some payments but failed to repay the entire amount along with interest. The Financial Creditor issued request letters for repayment, but the Corporate Debtor expressed inability to repay due to financial difficulties.
M/s.Learning Candid India Pvt. Ltd. (Financial Creditor) filed a petition under Section 7 of the IBC, 2016, against M/s.AlfaPeople IT Services Pvt. Ltd. (Corporate Debtor) for a default of Rs. 12,98,467/-. The Financial Creditor and Corporate Debtor entered into an Inter-Corporate Loan Agreement on 09.02.2017, where the Financial Creditor extended a loan of Rs. 30,00,000/- to the Corporate Debtor, to be repaid with 18% interest. The Corporate Debtor made partial payments but failed to repay the entire amount. The Corporate Debtor acknowledged the debt but cited financial difficulties. The Financial Creditor issued request letters for repayment. The loan was disbursed on 14.02.2017. The Financial Creditor passed a special resolution on 07.02.2017 for granting the loan.
…Execution of Inter-Corporate Loan Agreement…
Financial Creditor passed a special resolution…