Globe Fincap Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against CPR Capital Services Limited, claiming a default of ₹12,98,97,286/- as of 31.06.2022, along with future interest.
Globe Fincap Ltd. (Financial Creditor) filed an application under Section 7 of the IBC against CPR Capital Services Limited (Corporate Debtor).
The claimed default amount was ₹12,98,97,286/- as of 31.06.2022, with interest at 16% per annum from 01.07.2022.
The date of default was stated as 09.02.2018.
The Corporate Debtor availed a revolving loan facility of ₹15 crores under a Master Loan Agreement dated 19.06.2009.
The loan tenure was extended multiple times, with interest rates adjusted.
The Corporate Debtor claimed to have repaid ₹3,95,00,000/- through cheques, which the Financial Creditor allegedly adjusted against another account.
A settlement agreement was allegedly entered into, but its validity was disputed.
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Master Loan Agreement…
Loan tenure was renewed…
Globe Fincap Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against CPR Capital Services Limited, claiming a default of ₹12,98,97,286/- as of 31.06.2022, along with future interest.
Globe Fincap Ltd. (Financial Creditor) filed an application under Section 7 of the IBC against CPR Capital Services Limited (Corporate Debtor).
The claimed default amount was ₹12,98,97,286/- as of 31.06.2022, with interest at 16% per annum from 01.07.2022.
The date of default was stated as 09.02.2018.
The Corporate Debtor availed a revolving loan facility of ₹15 crores under a Master Loan Agreement dated 19.06.2009.
The loan tenure was extended multiple times, with interest rates adjusted.
The Corporate Debtor claimed to have repaid ₹3,95,00,000/- through cheques, which the Financial Creditor allegedly adjusted against another account.
A settlement agreement was allegedly entered into, but its validity was disputed.
…Master Loan Agreement…
Loan tenure was renewed…