The petition was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Respondent/Corporate debtor due to its inability to liquidate its financial debt. The applicant and corporate debtor entered into a short-term loan agreement where the loan amount was to be refunded within 6 months without interest, but with a 10% interest charge in case of default. The applicant disbursed Rs. 1,28,00,000/- to the corporate debtor between 2019 and 2020. The corporate debtor failed to repay the loan, leading the applicant to recall the entire loan amount via a demand notice.
Mr. Hemant Kumar Gupta, the applicant/financial creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against M/s Astitva Capital Market Pvt. Ltd., the respondent/corporate debtor. The applicant and the corporate debtor had a short-term loan agreement. The applicant disbursed Rs. 1,28,00,000/- to the corporate debtor between September 23, 2019, and November 18, 2020. The corporate debtor defaulted on the repayment. The applicant recalled the loan amount via a demand notice dated May 10, 2021. The amount of default was Rs. 1,28,00,000/- along with interest of Rs. 6,96,666/-. The corporate debtor admitted its inability to liquidate its debt, citing liquidity issues (Rs. 7.96 Crores as on March 31, 2019) and the demise of Sh. Yadvendra
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The petition was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Respondent/Corporate debtor due to its inability to liquidate its financial debt. The applicant and corporate debtor entered into a short-term loan agreement where the loan amount was to be refunded within 6 months without interest, but with a 10% interest charge in case of default. The applicant disbursed Rs. 1,28,00,000/- to the corporate debtor between 2019 and 2020. The corporate debtor failed to repay the loan, leading the applicant to recall the entire loan amount via a demand notice.
Mr. Hemant Kumar Gupta, the applicant/financial creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against M/s Astitva Capital Market Pvt. Ltd., the respondent/corporate debtor. The applicant and the corporate debtor had a short-term loan agreement. The applicant disbursed Rs. 1,28,00,000/- to the corporate debtor between September 23, 2019, and November 18, 2020. The corporate debtor defaulted on the repayment. The applicant recalled the loan amount via a demand notice dated May 10, 2021. The amount of default was Rs. 1,28,00,000/- along with interest of Rs. 6,96,666/-. The corporate debtor admitted its inability to liquidate its debt, citing liquidity issues (Rs. 7.96 Crores as on March 31, 2019) and the demise of Sh. Yadvendra
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