The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Veda Commercial Pvt. Ltd., the financial creditor, to initiate the Corporate Insolvency Resolution Process (CIRP) against ASAP Retail Private Limited, the corporate debtor. The financial creditor claimed that the corporate debtor defaulted on a loan repayment. The application was filed before the National Company Law Tribunal (NCLT), Kolkata Bench.
Veda Commercial Pvt. Ltd. (financial creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 to initiate Corporate Insolvency Resolution Process (CIRP) against ASAP Retail Private Limited (corporate debtor). The financial creditor granted a loan of Rs. 25 lakh to the corporate debtor on 2013-05-07 with interest at 10% per annum for the financial year 2013-14, and thereafter at 9% per annum payable quarterly. The corporate debtor repaid Rs. 12 lakh in three installments on 2015-07-01, 2015-07-07, and 2015-10-01. A cheque issued by the corporate debtor was dishonored. The corporate debtor last paid interest on 2017-09-15, which the financial creditor claims as the date of default. The corporate debtor argued that the loan was an
…Sign in to view the parties.
Financial creditor…
Corporate debtor repaid…
The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Veda Commercial Pvt. Ltd., the financial creditor, to initiate the Corporate Insolvency Resolution Process (CIRP) against ASAP Retail Private Limited, the corporate debtor. The financial creditor claimed that the corporate debtor defaulted on a loan repayment. The application was filed before the National Company Law Tribunal (NCLT), Kolkata Bench.
Veda Commercial Pvt. Ltd. (financial creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 to initiate Corporate Insolvency Resolution Process (CIRP) against ASAP Retail Private Limited (corporate debtor). The financial creditor granted a loan of Rs. 25 lakh to the corporate debtor on 2013-05-07 with interest at 10% per annum for the financial year 2013-14, and thereafter at 9% per annum payable quarterly. The corporate debtor repaid Rs. 12 lakh in three installments on 2015-07-01, 2015-07-07, and 2015-10-01. A cheque issued by the corporate debtor was dishonored. The corporate debtor last paid interest on 2017-09-15, which the financial creditor claims as the date of default. The corporate debtor argued that the loan was an
…Financial creditor…
Corporate debtor repaid…