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 to initiate CIRP against Govindam Metals & Alloys Private Limited (Corporate Debtor) under Section 7 of the IBC, 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 (petitioner's grandfather) 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, plus interest. As of 2019-09-30, the total outstanding amount, including interest, was Rs. 44,05,389. The Corporate Debtor acknowledged the debt in a letter
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Govindam Metals &…
Loan Agreement was entered into between Late…
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 to initiate CIRP against Govindam Metals & Alloys Private Limited (Corporate Debtor) under Section 7 of the IBC, 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 (petitioner's grandfather) 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, plus interest. As of 2019-09-30, the total outstanding amount, including interest, was Rs. 44,05,389. The Corporate Debtor acknowledged the debt in a letter
…Govindam Metals &…
Loan Agreement was entered into between Late…