Rushabh Civil Contractors Private Limited, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Centrio Lifespaces Limited, the Corporate Debtor, for failing to repay a loan of Rs. 12,39,06,879.00. The Financial Creditor claimed that a financial contract was executed on 02.12.2015, and amounts were disbursed between 07.11.2015 and 11.01.2018. The Corporate Debtor acknowledged the debt in confirmation of accounts. The Corporate Debtor, however, raised several defenses, including that the petition was filed without proper authority, that the financial contract was an internal letter of the Satra Group, and that there were illegal financial
…Rushabh Civil Contractors Private Limited (Financial Creditor) and Centrio Lifespaces Limited (Corporate Debtor) entered into a financial contract on 02.12.2015, where the Financial Creditor agreed to provide a loan of up to ₹12,00,00,000/- to the Corporate Debtor at 12% interest per annum. Disbursements were made between 07.11.2015 and 11.01.2018. The Corporate Debtor acknowledged the financial debt in confirmation of accounts executed on 01.04.2016, 01.04.2017, and 01.02.2018. The Financial Creditor issued a demand notice on 13.05.2019, seeking payment of ₹12,39,06,879/-. The Corporate Debtor raised defenses, claiming the petition was filed without authority, the financial contract was an internal letter of the Satra Group, and there were illegal financial
…Sign in to view the parties.
Disbursement of loan amounts from the…
The Financial Contract between the Financial…
Rushabh Civil Contractors Private Limited, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Centrio Lifespaces Limited, the Corporate Debtor, for failing to repay a loan of Rs. 12,39,06,879.00. The Financial Creditor claimed that a financial contract was executed on 02.12.2015, and amounts were disbursed between 07.11.2015 and 11.01.2018. The Corporate Debtor acknowledged the debt in confirmation of accounts. The Corporate Debtor, however, raised several defenses, including that the petition was filed without proper authority, that the financial contract was an internal letter of the Satra Group, and that there were illegal financial
…Rushabh Civil Contractors Private Limited (Financial Creditor) and Centrio Lifespaces Limited (Corporate Debtor) entered into a financial contract on 02.12.2015, where the Financial Creditor agreed to provide a loan of up to ₹12,00,00,000/- to the Corporate Debtor at 12% interest per annum. Disbursements were made between 07.11.2015 and 11.01.2018. The Corporate Debtor acknowledged the financial debt in confirmation of accounts executed on 01.04.2016, 01.04.2017, and 01.02.2018. The Financial Creditor issued a demand notice on 13.05.2019, seeking payment of ₹12,39,06,879/-. The Corporate Debtor raised defenses, claiming the petition was filed without authority, the financial contract was an internal letter of the Satra Group, and there were illegal financial
…Disbursement of loan amounts from the…
The Financial Contract between the Financial…