The petition was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of the 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 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 loan amount via a demand notice.
Mr. Hemant Kumar Gupta, the applicant/financial creditor, filed a petition against M/s Astitva Capital Market Pvt. Ltd., the respondent/corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant and the corporate debtor had a short-term loan agreement where the loan 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 23.09.2019 and 18.11.2020. The corporate debtor failed to repay the loan, leading the applicant to recall the loan amount via a demand notice dated 10.05.2021. The corporate debtor admitted its inability to liquidate its debt, citing liquidity issues amounting to Rs. 7.96 Crores as on 31.03.2019 and
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The petition was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of the 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 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 loan amount via a demand notice.
Mr. Hemant Kumar Gupta, the applicant/financial creditor, filed a petition against M/s Astitva Capital Market Pvt. Ltd., the respondent/corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant and the corporate debtor had a short-term loan agreement where the loan 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 23.09.2019 and 18.11.2020. The corporate debtor failed to repay the loan, leading the applicant to recall the loan amount via a demand notice dated 10.05.2021. The corporate debtor admitted its inability to liquidate its debt, citing liquidity issues amounting to Rs. 7.96 Crores as on 31.03.2019 and
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