The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Tejaswini Engineering Private Limited (Financial Creditor) against Devesh Engineering Enterprises (P) Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted on a financial debt of Rs. 11,31,65,339/- as of 01.01.2018, stemming from an unsecured loan agreement dated 01.01.2018, where Rs. 8,84,10,421/- was granted and disbursed. The Corporate Debtor was supposed to repay the loan in 8 installments.
Tejaswini Engineering Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Devesh Engineering Enterprises (P) Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor granted an unsecured loan of Rs. 8,84,10,421/- to the Corporate Debtor on 01.01.2018, with repayment scheduled in 8 installments of Rs. 1,10,51,303/- every three months. The Corporate Debtor defaulted on the loan, leading to a total outstanding debt of Rs. 11,31,65,339/- as of 01.01.2018. The Corporate Debtor admitted to the debt in its reply affidavit. The Financial Creditor proposed Mr. Bhaskar B as the Interim Resolution Professional (IRP).
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Loan agreement between Tejaswini Engineering…
Corporate Debtor…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Tejaswini Engineering Private Limited (Financial Creditor) against Devesh Engineering Enterprises (P) Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted on a financial debt of Rs. 11,31,65,339/- as of 01.01.2018, stemming from an unsecured loan agreement dated 01.01.2018, where Rs. 8,84,10,421/- was granted and disbursed. The Corporate Debtor was supposed to repay the loan in 8 installments.
Tejaswini Engineering Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Devesh Engineering Enterprises (P) Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor granted an unsecured loan of Rs. 8,84,10,421/- to the Corporate Debtor on 01.01.2018, with repayment scheduled in 8 installments of Rs. 1,10,51,303/- every three months. The Corporate Debtor defaulted on the loan, leading to a total outstanding debt of Rs. 11,31,65,339/- as of 01.01.2018. The Corporate Debtor admitted to the debt in its reply affidavit. The Financial Creditor proposed Mr. Bhaskar B as the Interim Resolution Professional (IRP).
Loan agreement between Tejaswini Engineering…
Corporate Debtor…