Hiveloop Capital Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against RVD Sales Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The application stemmed from the Corporate Debtor's default on a Small Business Hypothecation Loan of ₹1,00,00,000/- disbursed by the Financial Creditor. Despite an Arbitral Award dated 25.05.2023 in favor of the Financial Creditor and a subsequent demand notice dated 14.10.2023, the outstanding dues of ₹1,33,27,816/- (as of 10.10.2023) remained unpaid. The Corporate Debtor was proceeded ex-parte due to non-appearance.
Hiveloop Capital Private Limited (Applicant/Financial Creditor) is a company incorporated under the Companies Act, 2013, licensed as a Non-Banking Financial Institution (NBFI), engaged in extending financial assistance through its digital lending platform.
RVD Sales Private Limited (Corporate Debtor) approached Hiveloop Capital for a Small Business Hypothecation Loan.
Hiveloop Capital sanctioned and disbursed a loan facility of ₹1,00,00,000/- to RVD Sales Private Limited under Loan Account No. ORG6H0CSLEK7QQQC43NBPMBNJ1XOV on 28.06.2022.
The Corporate Debtor executed requisite loan and security documents, including a Loan Agreement, and undertook to repay the loan amount with applicable interest.
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Hiveloop Capital Private Limited…
The last disbursement…
Hiveloop Capital Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against RVD Sales Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The application stemmed from the Corporate Debtor's default on a Small Business Hypothecation Loan of ₹1,00,00,000/- disbursed by the Financial Creditor. Despite an Arbitral Award dated 25.05.2023 in favor of the Financial Creditor and a subsequent demand notice dated 14.10.2023, the outstanding dues of ₹1,33,27,816/- (as of 10.10.2023) remained unpaid. The Corporate Debtor was proceeded ex-parte due to non-appearance.
Hiveloop Capital Private Limited (Applicant/Financial Creditor) is a company incorporated under the Companies Act, 2013, licensed as a Non-Banking Financial Institution (NBFI), engaged in extending financial assistance through its digital lending platform.
RVD Sales Private Limited (Corporate Debtor) approached Hiveloop Capital for a Small Business Hypothecation Loan.
Hiveloop Capital sanctioned and disbursed a loan facility of ₹1,00,00,000/- to RVD Sales Private Limited under Loan Account No. ORG6H0CSLEK7QQQC43NBPMBNJ1XOV on 28.06.2022.
The Corporate Debtor executed requisite loan and security documents, including a Loan Agreement, and undertook to repay the loan amount with applicable interest.
…Hiveloop Capital Private Limited…
The last disbursement…