The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Dhankalash Distributors Private Limited (Financial Creditor) against Arena Superstructures Private Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted in repaying a principal amount of ₹1,50,00,000 together with interest, aggregating to ₹1,64,19,667 as of 24.03.2020.
Dhankalash Distributors Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Arena Superstructures Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor allegedly defaulted on repaying a principal amount of ₹1,50,00,000, with interest aggregating to ₹1,64,19,667 as of 24.03.2020. An Inter Corporate Loan Agreement dated 28.11.2019 was in place, with disbursements of ₹1,00,00,000 and ₹50,00,000 made on 05.12.2019 and 10.12.2019, respectively. The Corporate Debtor was obligated to repay by 31.01.2020, with interest at 18% per annum and an additional 2% per month for default. The Financial Creditor issued notices of demand on
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Inter Corporate Loan Agreement dated…
₹1,00,00,000 disbursed…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Dhankalash Distributors Private Limited (Financial Creditor) against Arena Superstructures Private Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted in repaying a principal amount of ₹1,50,00,000 together with interest, aggregating to ₹1,64,19,667 as of 24.03.2020.
Dhankalash Distributors Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Arena Superstructures Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor allegedly defaulted on repaying a principal amount of ₹1,50,00,000, with interest aggregating to ₹1,64,19,667 as of 24.03.2020. An Inter Corporate Loan Agreement dated 28.11.2019 was in place, with disbursements of ₹1,00,00,000 and ₹50,00,000 made on 05.12.2019 and 10.12.2019, respectively. The Corporate Debtor was obligated to repay by 31.01.2020, with interest at 18% per annum and an additional 2% per month for default. The Financial Creditor issued notices of demand on
…Inter Corporate Loan Agreement dated…
₹1,00,00,000 disbursed…