The case involves a company petition filed by Kamlesh Satish Agarwal, proprietor of Meera Tradelinks, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Govindam Metals & Alloys Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The basis for the petition is the Corporate Debtor's alleged breach of a loan agreement by defaulting on repayment.
Kamlesh Satish Agarwal, proprietor of Meera Tradelinks, filed a company petition against Govindam Metals & Alloys Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. A business loan of Rs. 25,00,000/- was provided to the Corporate Debtor with an interest rate of 12% p.a. based on a loan agreement dated 2014-05-12 between Late Shri. Lalchand Agrawal (Grandfather of the petitioner) and the Corporate Debtor. The loan was disbursed in two tranches: Rs. 15,00,000/- on 2014-05-02 and Rs. 10,00,000/- on 2014-05-08. The Corporate Debtor repaid Rs. 1,31,700/-, leaving Rs. 23,68,300/- outstanding. Interest up to 2019-09-30 amounted to Rs. 20,37,089/-, bringing the total default to Rs. 44,05,389/-. The Corporate Debtor, in a letter
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Loan agreement entered…
Rs. 15,00,000/-…
The case involves a company petition filed by Kamlesh Satish Agarwal, proprietor of Meera Tradelinks, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Govindam Metals & Alloys Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The basis for the petition is the Corporate Debtor's alleged breach of a loan agreement by defaulting on repayment.
Kamlesh Satish Agarwal, proprietor of Meera Tradelinks, filed a company petition against Govindam Metals & Alloys Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. A business loan of Rs. 25,00,000/- was provided to the Corporate Debtor with an interest rate of 12% p.a. based on a loan agreement dated 2014-05-12 between Late Shri. Lalchand Agrawal (Grandfather of the petitioner) and the Corporate Debtor. The loan was disbursed in two tranches: Rs. 15,00,000/- on 2014-05-02 and Rs. 10,00,000/- on 2014-05-08. The Corporate Debtor repaid Rs. 1,31,700/-, leaving Rs. 23,68,300/- outstanding. Interest up to 2019-09-30 amounted to Rs. 20,37,089/-, bringing the total default to Rs. 44,05,389/-. The Corporate Debtor, in a letter
…Loan agreement entered…
Rs. 15,00,000/-…