Diamond Traexim Private Limited, the financial creditor/petitioner, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Indirapuram Habitat Centre Private Limited, the corporate debtor/respondent. The petition was filed due to a default in repayment of a loan amounting to INR 32,61,86,762/-, including principal and interest. The financial creditor claimed that the corporate debtor had defaulted on payments, and the cheques issued by the borrower, Victory Infraprojects Private Limited, were dishonoured. The corporate debtor was also a confirming party to the loan agreement. The Adjudicating Authority considered the submissions of both parties and examined the
…Diamond Traexim Private Limited (the 'Financial Creditor') extended a loan to Victory Infraprojects Private Limited, with Indirapuram Habitat Centre Private Limited (the 'Corporate Debtor') acting as a guarantor and confirming party. The total loan amount disbursed was INR 15,50,00,000/-. The Financial Creditor claimed a default of INR 32,61,86,762/-, including principal and interest, as of 04.02.2019. The loan was disbursed between 29.07.2011 and 04.11.2016. The Corporate Debtor acknowledged the receipt of the loan and confirmed it in their books of accounts. The Borrower, Victory Infraprojects Private Limited, issued undated cheques to the Financial Creditor, which were later dishonoured due to insufficient funds. The Financial Creditor served notices on 05.02.2019
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The petitioner extended…
The petitioner extended…
Diamond Traexim Private Limited, the financial creditor/petitioner, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Indirapuram Habitat Centre Private Limited, the corporate debtor/respondent. The petition was filed due to a default in repayment of a loan amounting to INR 32,61,86,762/-, including principal and interest. The financial creditor claimed that the corporate debtor had defaulted on payments, and the cheques issued by the borrower, Victory Infraprojects Private Limited, were dishonoured. The corporate debtor was also a confirming party to the loan agreement. The Adjudicating Authority considered the submissions of both parties and examined the
…Diamond Traexim Private Limited (the 'Financial Creditor') extended a loan to Victory Infraprojects Private Limited, with Indirapuram Habitat Centre Private Limited (the 'Corporate Debtor') acting as a guarantor and confirming party. The total loan amount disbursed was INR 15,50,00,000/-. The Financial Creditor claimed a default of INR 32,61,86,762/-, including principal and interest, as of 04.02.2019. The loan was disbursed between 29.07.2011 and 04.11.2016. The Corporate Debtor acknowledged the receipt of the loan and confirmed it in their books of accounts. The Borrower, Victory Infraprojects Private Limited, issued undated cheques to the Financial Creditor, which were later dishonoured due to insufficient funds. The Financial Creditor served notices on 05.02.2019
…The petitioner extended…
The petitioner extended…