Park Chambers Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against GRL Tires Private Limited, the Corporate Debtor, due to a default on a loan facility. The Financial Creditor claimed a total debt of ₹7,00,00,000/- with an additional ₹12,65,16,380/- claimed as default amount including interest. The Corporate Debtor did not respond to the petition or appear during the hearings.
Park Chambers Limited (Financial Creditor) granted a loan facility of ₹7,00,00,000/- to GRL Tires Private Limited (Corporate Debtor). The loan was disbursed in two tranches: ₹5,00,00,000/- on 2014-05-05 and ₹2,00,00,000/- on 2014-05-06. The Corporate Debtor acknowledged the loan via a letter dated 2014-05-06, agreeing to an interest rate of 15% p.a. for a period of 3 years. The Corporate Debtor also issued a post-dated cheque dated 2017-06-05 for ₹7,00,00,000/-. The Financial Creditor claimed a default of ₹12,65,16,380/- as of 2018-07-17, including interest. The Corporate Debtor failed to make submissions or appear during the hearings. The Financial Creditor submitted Form No. 1 under Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority)
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Financial Creditor…
Financial Creditor…
Park Chambers Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against GRL Tires Private Limited, the Corporate Debtor, due to a default on a loan facility. The Financial Creditor claimed a total debt of ₹7,00,00,000/- with an additional ₹12,65,16,380/- claimed as default amount including interest. The Corporate Debtor did not respond to the petition or appear during the hearings.
Park Chambers Limited (Financial Creditor) granted a loan facility of ₹7,00,00,000/- to GRL Tires Private Limited (Corporate Debtor). The loan was disbursed in two tranches: ₹5,00,00,000/- on 2014-05-05 and ₹2,00,00,000/- on 2014-05-06. The Corporate Debtor acknowledged the loan via a letter dated 2014-05-06, agreeing to an interest rate of 15% p.a. for a period of 3 years. The Corporate Debtor also issued a post-dated cheque dated 2017-06-05 for ₹7,00,00,000/-. The Financial Creditor claimed a default of ₹12,65,16,380/- as of 2018-07-17, including interest. The Corporate Debtor failed to make submissions or appear during the hearings. The Financial Creditor submitted Form No. 1 under Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority)
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Financial Creditor…