Elite Steels Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against Growthways Trading Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on a financial debt arising from a Rent Cum charge Agreement entered into between the parties.
Elite Steels Private Limited (Financial Creditor) filed an application under Section 7 of the IBC against Growthways Trading Private Limited (Corporate Debtor) for initiating CIRP. A Rent Cum charge Agreement was entered into on 2017-04-01, where the Financial Creditor made a security deposit of Rs. 4,50,00,000/- towards the inventory of the Corporate Debtor. The Corporate Debtor received Rs. 3,00,00,000/- on signing, with the balance to be adjusted from rent. The security deposit carried an interest of 17% per annum. An addendum was made on 2018-04-01, terminating the rent provisions and increasing the security deposit from Rs. 3,00,00,000/- to Rs. 3,75,00,000/-, increasing the total charge to Rs. 7,50,00,000/-. The Financial Creditor fulfilled its obligations, but
…Sign in to view the parties.
Rent Cum charge Agreement was entered into…
An addendum to the Rent Cum charge Agreement…
Elite Steels Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against Growthways Trading Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on a financial debt arising from a Rent Cum charge Agreement entered into between the parties.
Elite Steels Private Limited (Financial Creditor) filed an application under Section 7 of the IBC against Growthways Trading Private Limited (Corporate Debtor) for initiating CIRP. A Rent Cum charge Agreement was entered into on 2017-04-01, where the Financial Creditor made a security deposit of Rs. 4,50,00,000/- towards the inventory of the Corporate Debtor. The Corporate Debtor received Rs. 3,00,00,000/- on signing, with the balance to be adjusted from rent. The security deposit carried an interest of 17% per annum. An addendum was made on 2018-04-01, terminating the rent provisions and increasing the security deposit from Rs. 3,00,00,000/- to Rs. 3,75,00,000/-, increasing the total charge to Rs. 7,50,00,000/-. The Financial Creditor fulfilled its obligations, but
…Rent Cum charge Agreement was entered into…
An addendum to the Rent Cum charge Agreement…