The case involves an application filed by M/s. Swaraj Overseas, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Goldline Ventures Private Limited, the Corporate Debtor. The Financial Creditor claimed that it had extended a loan of Rs. 3,90,00,000/- to the Corporate Debtor, which the latter failed to repay along with interest as per the agreed terms. The Corporate Debtor acknowledged the loan but cited financial difficulties and demonetization as reasons for its inability to repay. The Financial Creditor asserted that a default had occurred and that the application was complete in all respects, fulfilling the requirements of Section 7 of the IBC.
M/s. Swaraj Overseas, a partnership firm engaged in the business of 'SS Sheets,' filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Goldline Ventures Private Limited. The Financial Creditor claimed that it had extended a loan of Rs. 3,90,00,000/- to the Corporate Debtor for a period of three months, as per an agreement dated 20.06.2018. The loan was to be repaid by 21.09.2018 with interest at 15% per annum. The Corporate Debtor failed to repay the loan amount along with interest on the due date. The Corporate Debtor requested an extension of one month, but even after the extension, the loan amount was not repaid. The Financial Creditor sent a demand notice dated 06.11.2018 seeking a refund of Rs. 3,90,00,000/- along with interest.
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The case involves an application filed by M/s. Swaraj Overseas, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Goldline Ventures Private Limited, the Corporate Debtor. The Financial Creditor claimed that it had extended a loan of Rs. 3,90,00,000/- to the Corporate Debtor, which the latter failed to repay along with interest as per the agreed terms. The Corporate Debtor acknowledged the loan but cited financial difficulties and demonetization as reasons for its inability to repay. The Financial Creditor asserted that a default had occurred and that the application was complete in all respects, fulfilling the requirements of Section 7 of the IBC.
M/s. Swaraj Overseas, a partnership firm engaged in the business of 'SS Sheets,' filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Goldline Ventures Private Limited. The Financial Creditor claimed that it had extended a loan of Rs. 3,90,00,000/- to the Corporate Debtor for a period of three months, as per an agreement dated 20.06.2018. The loan was to be repaid by 21.09.2018 with interest at 15% per annum. The Corporate Debtor failed to repay the loan amount along with interest on the due date. The Corporate Debtor requested an extension of one month, but even after the extension, the loan amount was not repaid. The Financial Creditor sent a demand notice dated 06.11.2018 seeking a refund of Rs. 3,90,00,000/- along with interest.
…Agreement executed between the Financial…
The date by which the…