New Age Real Properties LLP filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against the Corporate Debtor, Bhuvana Infra Projects Private Limited. The Financial Creditor claimed to have disbursed a corporate loan facility of Rs 80,00,000 to the Corporate Debtor. The Corporate Debtor admitted to availing the loan but defaulted on repayment, leading to the application for initiating the insolvency process.
New Age Real Properties LLP (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bhuvana Infra Projects Private Limited (Corporate Debtor) for defaulting on a loan. The Financial Creditor claimed to have disbursed Rs 80,00,000 to the Corporate Debtor through RTGS transfers from its Karnataka Bank account between December 2013 and May 2014. The Corporate Debtor admitted to availing the loan but claimed to have repaid Rs 15,00,000, requesting an extension of time for the remaining amount. The Financial Creditor agreed to a one-year extension, but the Corporate Debtor continued to default. The Corporate Debtor also defaulted on a loan from Bank of Maharashtra, which initiated action against them. The total amount
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New Age Real Pr…
Bhuvana Infra…
New Age Real Properties LLP filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against the Corporate Debtor, Bhuvana Infra Projects Private Limited. The Financial Creditor claimed to have disbursed a corporate loan facility of Rs 80,00,000 to the Corporate Debtor. The Corporate Debtor admitted to availing the loan but defaulted on repayment, leading to the application for initiating the insolvency process.
New Age Real Properties LLP (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bhuvana Infra Projects Private Limited (Corporate Debtor) for defaulting on a loan. The Financial Creditor claimed to have disbursed Rs 80,00,000 to the Corporate Debtor through RTGS transfers from its Karnataka Bank account between December 2013 and May 2014. The Corporate Debtor admitted to availing the loan but claimed to have repaid Rs 15,00,000, requesting an extension of time for the remaining amount. The Financial Creditor agreed to a one-year extension, but the Corporate Debtor continued to default. The Corporate Debtor also defaulted on a loan from Bank of Maharashtra, which initiated action against them. The total amount
…New Age Real Pr…
Bhuvana Infra…