Srei Equipment Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Concast Infratech Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's default on loan repayments. The financial creditor contended that the corporate debtor availed two loans aggregating to Rs. 69,120,408/- under loan agreements executed in December 2013. The corporate debtor defaulted on monthly installments starting February 2016, leading to arbitration proceedings and subsequent terms of settlement. Despite initial payments under the settlement, defaults continued from May 2016, prompting the financial creditor to issue a final demand notice in July 2017.
Srei Equipment Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Concast Infratech Limited (Corporate Debtor). The Corporate Debtor availed two loans aggregating to Rs. 69,120,408/- under loan agreements executed in December 2013. The Corporate Debtor provided a corporate guarantee under a corporate guarantee agreement dated 31st December, 2013. A personal guarantee was also given by Mr. Sanjay Kumar Sureka. The Corporate Debtor defaulted on monthly installments starting February 2016. Arbitration proceedings were initiated, leading to terms of settlement. Initial payments were made under the settlement, but defaults continued from May
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Corporate Debtor availed two loans…
Corporate Debtor…
Srei Equipment Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Concast Infratech Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's default on loan repayments. The financial creditor contended that the corporate debtor availed two loans aggregating to Rs. 69,120,408/- under loan agreements executed in December 2013. The corporate debtor defaulted on monthly installments starting February 2016, leading to arbitration proceedings and subsequent terms of settlement. Despite initial payments under the settlement, defaults continued from May 2016, prompting the financial creditor to issue a final demand notice in July 2017.
Srei Equipment Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Concast Infratech Limited (Corporate Debtor). The Corporate Debtor availed two loans aggregating to Rs. 69,120,408/- under loan agreements executed in December 2013. The Corporate Debtor provided a corporate guarantee under a corporate guarantee agreement dated 31st December, 2013. A personal guarantee was also given by Mr. Sanjay Kumar Sureka. The Corporate Debtor defaulted on monthly installments starting February 2016. Arbitration proceedings were initiated, leading to terms of settlement. Initial payments were made under the settlement, but defaults continued from May
…Corporate Debtor availed two loans…
Corporate Debtor…