Dipco Private Limited (Petitioner) initiated Corporate Insolvency Resolution Process (CIRP) against Ariisto Developers Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, citing default in repayment of a loan facility. The Petitioner claimed that the Corporate Debtor defaulted on 15.07.2018 onwards in repaying a loan of Rs. 16,44,23,029/- including interest. The loan was initially granted to Ariisto Developers as a partnership firm, which later converted into a private limited company. The Petitioner provided details of loan disbursements made between 2010 and 2016.
Dipco Private Limited (Petitioner) sought to initiate Corporate Insolvency Resolution Process (CIRP) against Ariisto Developers Private Limited (Corporate Debtor) due to a default in loan repayment. The Corporate Debtor allegedly defaulted on 15.07.2018 onwards, owing Rs. 16,44,23,029/- including interest. The loan, carrying a 15% p.a. interest, was initially granted to Ariisto Developers as a partnership firm, later converted into a private limited company. Disbursements occurred between 2010 and 2016: Rs. 5,00,00,000/- on 2010-09-29, Rs. 5,00,00,000/- on 2011-10-08, Rs. 1,00,00,000/- on 2012-10-17, and Rs. 1,10,00,000/- on 2016-03-15. The Petitioner presented Bills of Exchange and post-dated cheques. A Bill of Exchange dated 2017-04-01 for Rs. 12,10,00,000/- was due
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Dipco Private Limited (Petitioner) initiated Corporate Insolvency Resolution Process (CIRP) against Ariisto Developers Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, citing default in repayment of a loan facility. The Petitioner claimed that the Corporate Debtor defaulted on 15.07.2018 onwards in repaying a loan of Rs. 16,44,23,029/- including interest. The loan was initially granted to Ariisto Developers as a partnership firm, which later converted into a private limited company. The Petitioner provided details of loan disbursements made between 2010 and 2016.
Dipco Private Limited (Petitioner) sought to initiate Corporate Insolvency Resolution Process (CIRP) against Ariisto Developers Private Limited (Corporate Debtor) due to a default in loan repayment. The Corporate Debtor allegedly defaulted on 15.07.2018 onwards, owing Rs. 16,44,23,029/- including interest. The loan, carrying a 15% p.a. interest, was initially granted to Ariisto Developers as a partnership firm, later converted into a private limited company. Disbursements occurred between 2010 and 2016: Rs. 5,00,00,000/- on 2010-09-29, Rs. 5,00,00,000/- on 2011-10-08, Rs. 1,00,00,000/- on 2012-10-17, and Rs. 1,10,00,000/- on 2016-03-15. The Petitioner presented Bills of Exchange and post-dated cheques. A Bill of Exchange dated 2017-04-01 for Rs. 12,10,00,000/- was due
…Rs. 5,00,00,00…
Rs. 5,00,00,00…