Bell Finvest (India) Limited, a financial creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Advance Logistics & Trading India Pvt. Ltd., the corporate debtor, due to default in repayment of a loan. The corporate debtor had approached the financial creditor for a temporary loan of ₹40 lakhs, which was sanctioned as ₹36 lakhs with a flat interest rate of 10% p.a. The corporate debtor defaulted on repayments starting from 19.02.2016.
Bell Finvest (India) Limited, a registered Non-Banking Financial Company (NBFC), extended a loan of ₹36 lakhs to Advance Logistics & Trading India Pvt. Ltd. The loan agreement, dated 14th October 2015, stipulated repayment in 10 equal monthly installments with a 10% p.a. interest rate. The Corporate Debtor defaulted on repayments from 19th February 2016. The Financial Creditor claimed an outstanding financial debt of ₹53,43,350/- as of 30th June 2017, including principal and interest. The Corporate Debtor alleged irregularities by the Financial Creditor, including charging exorbitant interest rates and violating NBFC regulations. A personal guarantee was executed by Mrs. Puja Vijay Relwani and Mr. Vijay Prahlad Relwani on 14th October 2015. The loan amount was
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Loan agreement between Bell Finvest (India)…
Personal guarantee…
Bell Finvest (India) Limited, a financial creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Advance Logistics & Trading India Pvt. Ltd., the corporate debtor, due to default in repayment of a loan. The corporate debtor had approached the financial creditor for a temporary loan of ₹40 lakhs, which was sanctioned as ₹36 lakhs with a flat interest rate of 10% p.a. The corporate debtor defaulted on repayments starting from 19.02.2016.
Bell Finvest (India) Limited, a registered Non-Banking Financial Company (NBFC), extended a loan of ₹36 lakhs to Advance Logistics & Trading India Pvt. Ltd. The loan agreement, dated 14th October 2015, stipulated repayment in 10 equal monthly installments with a 10% p.a. interest rate. The Corporate Debtor defaulted on repayments from 19th February 2016. The Financial Creditor claimed an outstanding financial debt of ₹53,43,350/- as of 30th June 2017, including principal and interest. The Corporate Debtor alleged irregularities by the Financial Creditor, including charging exorbitant interest rates and violating NBFC regulations. A personal guarantee was executed by Mrs. Puja Vijay Relwani and Mr. Vijay Prahlad Relwani on 14th October 2015. The loan amount was
…Loan agreement between Bell Finvest (India)…
Personal guarantee…