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 the Corporate Debtor defaulted on a loan of Rs. 3,90,00,000/- which was to be repaid with interest. The Corporate Debtor admitted to availing the loan but cited financial difficulties and demonetization as reasons for not being able to repay it within the agreed timeframe.
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, M/s. Swaraj Overseas, lent Rs. 3,90,00,000/- to the Corporate Debtor, Goldline Ventures Private Limited, for a period of three months, as per an agreement dated 2018-06-20. The loan was to be repaid by 2018-09-21 with 15% interest per annum. The Corporate Debtor failed to repay the loan amount and interest on the due date. The Financial Creditor sent a demand notice on 2018-11-06 seeking a refund of Rs. 3,90,00,000/- along with interest. The Corporate Debtor admitted to taking the loan but cited financial crunches and demonetization
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Loan agreement executed between M/s. Swaraj…
The date on which the…
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 the Corporate Debtor defaulted on a loan of Rs. 3,90,00,000/- which was to be repaid with interest. The Corporate Debtor admitted to availing the loan but cited financial difficulties and demonetization as reasons for not being able to repay it within the agreed timeframe.
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, M/s. Swaraj Overseas, lent Rs. 3,90,00,000/- to the Corporate Debtor, Goldline Ventures Private Limited, for a period of three months, as per an agreement dated 2018-06-20. The loan was to be repaid by 2018-09-21 with 15% interest per annum. The Corporate Debtor failed to repay the loan amount and interest on the due date. The Financial Creditor sent a demand notice on 2018-11-06 seeking a refund of Rs. 3,90,00,000/- along with interest. The Corporate Debtor admitted to taking the loan but cited financial crunches and demonetization
…Loan agreement executed between M/s. Swaraj…
The date on which the…