Premier Enclave Pvt. Limited, the financial creditor/applicant, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for the initiation of Corporate Insolvency Resolution Process against the corporate debtor, Balaji Polysacks Private Ltd. The applicant claimed that it had extended financial assistance of Rs. 25,00,000/- to the corporate debtor, and the corporate debtor had defaulted in repayment, with an outstanding exposure of Rs. 29,69,109/- as of September 15, 2017.
Premier Enclave Pvt. Limited (the applicant) is a Non-Banking Financial Institution. It extended financial assistance of Rs. 25,00,000/- to Balaji Polysacks Private Ltd. (the corporate debtor) in the form of a loan, with interest at 9% p.a., dated January 29, 2013. The corporate debtor acknowledged receipt of the loan via a letter dated February 4, 2013. As of September 15, 2017, the total outstanding exposure, including principal, accrued interest, and penal interest, was Rs. 29,69,109/-. The corporate debtor failed to repay the loan despite repeated demands. The applicant filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process. The corporate debtor objected, claiming the petition was
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Loan agreement dated January 29, 2013, between…
Letter dated February 4, 2013, from Balaji…
Premier Enclave Pvt. Limited, the financial creditor/applicant, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for the initiation of Corporate Insolvency Resolution Process against the corporate debtor, Balaji Polysacks Private Ltd. The applicant claimed that it had extended financial assistance of Rs. 25,00,000/- to the corporate debtor, and the corporate debtor had defaulted in repayment, with an outstanding exposure of Rs. 29,69,109/- as of September 15, 2017.
Premier Enclave Pvt. Limited (the applicant) is a Non-Banking Financial Institution. It extended financial assistance of Rs. 25,00,000/- to Balaji Polysacks Private Ltd. (the corporate debtor) in the form of a loan, with interest at 9% p.a., dated January 29, 2013. The corporate debtor acknowledged receipt of the loan via a letter dated February 4, 2013. As of September 15, 2017, the total outstanding exposure, including principal, accrued interest, and penal interest, was Rs. 29,69,109/-. The corporate debtor failed to repay the loan despite repeated demands. The applicant filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process. The corporate debtor objected, claiming the petition was
…Loan agreement dated January 29, 2013, between…
Letter dated February 4, 2013, from Balaji…