The present petition was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to its inability to liquidate its financial debt. The Corporate Debtor and the applicant had entered into a loan facility agreement dated 2018-11-01, where a loan of Rs. 63,00,000 was disbursed. The Corporate Debtor was obligated to repay the amount by 2019-04-30 with 15% interest compounded annually and a 2% penal interest on defaulted amounts. The Corporate Debtor defaulted, and the financial creditor demanded payment via a letter dated 2019-05-04, to which a reply was received on 2019-05-08.
On 2018-11-01, Shriyank Wadhawa (Applicant/Financial Creditor) and Chaudhary Ingots Pvt. Ltd. (Respondent/Corporate Debtor) entered into a loan facility agreement. The applicant disbursed a loan of Rs. 63,00,000 to the corporate debtor. The corporate debtor was obligated to repay the entire amount by 2019-04-30, along with 15% annual interest compounded annually and a 2% penal interest on defaulted amounts. The corporate debtor defaulted on the payment. The financial creditor sent a demand letter on 2019-05-04, and a reply was received on 2019-05-08. The corporate debtor admitted the default in the counter affidavit, citing financial difficulties. The application under Section 7 of IBC was filed in August 2019.
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Loan facility agreement…
Date on whi…
The present petition was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to its inability to liquidate its financial debt. The Corporate Debtor and the applicant had entered into a loan facility agreement dated 2018-11-01, where a loan of Rs. 63,00,000 was disbursed. The Corporate Debtor was obligated to repay the amount by 2019-04-30 with 15% interest compounded annually and a 2% penal interest on defaulted amounts. The Corporate Debtor defaulted, and the financial creditor demanded payment via a letter dated 2019-05-04, to which a reply was received on 2019-05-08.
On 2018-11-01, Shriyank Wadhawa (Applicant/Financial Creditor) and Chaudhary Ingots Pvt. Ltd. (Respondent/Corporate Debtor) entered into a loan facility agreement. The applicant disbursed a loan of Rs. 63,00,000 to the corporate debtor. The corporate debtor was obligated to repay the entire amount by 2019-04-30, along with 15% annual interest compounded annually and a 2% penal interest on defaulted amounts. The corporate debtor defaulted on the payment. The financial creditor sent a demand letter on 2019-05-04, and a reply was received on 2019-05-08. The corporate debtor admitted the default in the counter affidavit, citing financial difficulties. The application under Section 7 of IBC was filed in August 2019.
Loan facility agreement…
Date on whi…