UKG Steel Private Limited, claiming to be a financial creditor, filed a petition against Erotic Buildcon Private Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, alleging default in repayment of a loan. The financial creditor claimed to have disbursed Rs. 3.76 Crores to the corporate debtor based on a loan agreement executed on 16.03.2019. The corporate debtor acknowledged the financial crisis but expressed a bonafide intention to repay. The NCLT observed discrepancies in the financial creditor's evidence, particularly regarding the disbursement of funds. The NCLT also raised concerns about the financial creditor's compliance with Section 186 of the Companies Act, 2013, regarding inter-corporate loans.
UKG Steel Private Limited (Financial Creditor) filed a petition against Erotic Buildcon Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed to have disbursed Rs. 3.76 Crores to the Corporate Debtor based on a loan agreement dated 16.03.2019, with an interest rate of 6.5% per annum, repayable in 8 quarterly installments starting from 30.06.2019. The Financial Creditor disbursed the amount in five installments on 16.03.2019 and 18.03.2019 and 19.03.2019. The Corporate Debtor defaulted on the repayment. The Financial Creditor sent notices dated 10.07.2019, 07.10.2019, 02.01.2020, and 25.06.2020 demanding the outstanding amount. The Corporate Debtor acknowledged their financial crisis in a reply
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UKG Steel Private…
Erotic Buildcon Private…
UKG Steel Private Limited, claiming to be a financial creditor, filed a petition against Erotic Buildcon Private Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, alleging default in repayment of a loan. The financial creditor claimed to have disbursed Rs. 3.76 Crores to the corporate debtor based on a loan agreement executed on 16.03.2019. The corporate debtor acknowledged the financial crisis but expressed a bonafide intention to repay. The NCLT observed discrepancies in the financial creditor's evidence, particularly regarding the disbursement of funds. The NCLT also raised concerns about the financial creditor's compliance with Section 186 of the Companies Act, 2013, regarding inter-corporate loans.
UKG Steel Private Limited (Financial Creditor) filed a petition against Erotic Buildcon Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed to have disbursed Rs. 3.76 Crores to the Corporate Debtor based on a loan agreement dated 16.03.2019, with an interest rate of 6.5% per annum, repayable in 8 quarterly installments starting from 30.06.2019. The Financial Creditor disbursed the amount in five installments on 16.03.2019 and 18.03.2019 and 19.03.2019. The Corporate Debtor defaulted on the repayment. The Financial Creditor sent notices dated 10.07.2019, 07.10.2019, 02.01.2020, and 25.06.2020 demanding the outstanding amount. The Corporate Debtor acknowledged their financial crisis in a reply
…UKG Steel Private…
Erotic Buildcon Private…