The case involves a petition filed by Bollina Uma Devi, the Financial Creditor, against Hindusthan Ispat Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor alleges that the Corporate Debtor defaulted on repaying a sum of Rs. 23,01,21,100, which includes a principal amount of Rs. 20,92,01,000 and interest of Rs. 2,09,20,100 calculated at 12% per annum from 01.07.2019 to 30.04.2020. The petition seeks the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, a moratorium, and the appointment of an Interim Resolution Professional (IRP).
Bollina Uma Devi, the Financial Creditor, filed a petition against Hindusthan Ispat Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 23,01,21,100, including a principal amount of Rs. 20,92,01,000 and interest of Rs. 2,09,20,100 calculated at 12% per annum from 01.07.2019 to 30.04.2020. A Loan Agreement dated 01.07.2019 was entered into between the parties, stipulating repayment in two installments: Rs. 10.00 crores by 30.09.2019 and Rs. 10.92 crores by 31.12.2019, along with interest. The Corporate Debtor allegedly failed to make the payments as per the agreement. The Corporate Debtor denied the averments, claiming the petition was
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Loan Agreement entered into between Financial…
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The case involves a petition filed by Bollina Uma Devi, the Financial Creditor, against Hindusthan Ispat Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor alleges that the Corporate Debtor defaulted on repaying a sum of Rs. 23,01,21,100, which includes a principal amount of Rs. 20,92,01,000 and interest of Rs. 2,09,20,100 calculated at 12% per annum from 01.07.2019 to 30.04.2020. The petition seeks the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, a moratorium, and the appointment of an Interim Resolution Professional (IRP).
Bollina Uma Devi, the Financial Creditor, filed a petition against Hindusthan Ispat Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 23,01,21,100, including a principal amount of Rs. 20,92,01,000 and interest of Rs. 2,09,20,100 calculated at 12% per annum from 01.07.2019 to 30.04.2020. A Loan Agreement dated 01.07.2019 was entered into between the parties, stipulating repayment in two installments: Rs. 10.00 crores by 30.09.2019 and Rs. 10.92 crores by 31.12.2019, along with interest. The Corporate Debtor allegedly failed to make the payments as per the agreement. The Corporate Debtor denied the averments, claiming the petition was
…Loan Agreement entered into between Financial…
First installment of…