Kajaria Iron & Steel Co. Private Limited filed C.P. (IB) No.390/BB/2019 under Section 7 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Bhoruka Power Corporation Ltd. The claim was based on a default of Rs.1,17,80,822/- as of 31.10.2019, including interest, on a principal loan amount of Rs.1,00,00,000/-. The Petitioner contended that the Respondent defaulted in repaying the loan amount from August 2018 onwards. The Respondent admitted to the debt but sought additional time to repay, citing financial difficulties and the impact of the COVID-19 pandemic.
Kajaria Iron & Steel Co. Private Limited (Petitioner/Financial Creditor) filed C.P. (IB) No.390/BB/2019 against Bhoruka Power Corporation Ltd. (Corporate Debtor/Respondent) under Section 7 of the IBC, 2016. The Petitioner claimed a default of Rs.1,17,80,822/- as of 31.10.2019, including interest, on a principal loan of Rs.1,00,00,000/-. The loan was granted through seven Inter Corporate Deposits totaling Rs.2,50,00,000/- between 15.12.2016 and 14.06.2017. The Respondent confirmed receipt of the loan and executed a Demand Promissory Note. The Petitioner stated that the loans were renewed as the Respondent was regular in interest payments, but became irregular from August 2018. The Respondent admitted the debt and sought additional time to repay, citing financial
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Loan of Rs.2,50,00,000/- granted to the…
Respondent defaulted in…
Kajaria Iron & Steel Co. Private Limited filed C.P. (IB) No.390/BB/2019 under Section 7 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Bhoruka Power Corporation Ltd. The claim was based on a default of Rs.1,17,80,822/- as of 31.10.2019, including interest, on a principal loan amount of Rs.1,00,00,000/-. The Petitioner contended that the Respondent defaulted in repaying the loan amount from August 2018 onwards. The Respondent admitted to the debt but sought additional time to repay, citing financial difficulties and the impact of the COVID-19 pandemic.
Kajaria Iron & Steel Co. Private Limited (Petitioner/Financial Creditor) filed C.P. (IB) No.390/BB/2019 against Bhoruka Power Corporation Ltd. (Corporate Debtor/Respondent) under Section 7 of the IBC, 2016. The Petitioner claimed a default of Rs.1,17,80,822/- as of 31.10.2019, including interest, on a principal loan of Rs.1,00,00,000/-. The loan was granted through seven Inter Corporate Deposits totaling Rs.2,50,00,000/- between 15.12.2016 and 14.06.2017. The Respondent confirmed receipt of the loan and executed a Demand Promissory Note. The Petitioner stated that the loans were renewed as the Respondent was regular in interest payments, but became irregular from August 2018. The Respondent admitted the debt and sought additional time to repay, citing financial
…Loan of Rs.2,50,00,000/- granted to the…
Respondent defaulted in…