The case pertains to a petition filed by M/S Intec Capital Ltd, the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, M/S Ishwar Chand Agro Pvt. Ltd., due to its inability to liquidate its financial debt. The corporate debtor had approached the financial creditor for a business loan of Rs. 1,32,500, pursuant to which a sanctioned letter was issued on 31.07.2015 for Rs. 1,32,50,000. The corporate debtor was to repay the loan in 72 monthly installments with a 14.50% per annum interest rate. The corporate debtor started making repayments from 05.09.2015 but subsequently defaulted, leading to the financial creditor recalling the loan and
…M/S Intec Capital Ltd (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Ishwar Chand Agro Pvt. Ltd (Corporate Debtor). The Corporate Debtor approached the Financial Creditor for a business loan of Rs. 1,32,500. The Financial Creditor issued a sanctioned letter on 31.07.2015 for Rs. 1,32,50,000. A loan agreement was entered into, requiring the Corporate Debtor to repay the loan in 72 monthly installments with a 14.50% per annum interest rate, resulting in a monthly EMI of Rs. 2,76,587. The Corporate Debtor started repayments on 05.09.2015 but subsequently defaulted. The Financial Creditor issued a loan recall notice on 02.08.2017 after repeated requests and notices to regularize the loan payment failed. The
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The Financial Creditor issued the…
The Corporate Debtor…
The case pertains to a petition filed by M/S Intec Capital Ltd, the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, M/S Ishwar Chand Agro Pvt. Ltd., due to its inability to liquidate its financial debt. The corporate debtor had approached the financial creditor for a business loan of Rs. 1,32,500, pursuant to which a sanctioned letter was issued on 31.07.2015 for Rs. 1,32,50,000. The corporate debtor was to repay the loan in 72 monthly installments with a 14.50% per annum interest rate. The corporate debtor started making repayments from 05.09.2015 but subsequently defaulted, leading to the financial creditor recalling the loan and
…M/S Intec Capital Ltd (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Ishwar Chand Agro Pvt. Ltd (Corporate Debtor). The Corporate Debtor approached the Financial Creditor for a business loan of Rs. 1,32,500. The Financial Creditor issued a sanctioned letter on 31.07.2015 for Rs. 1,32,50,000. A loan agreement was entered into, requiring the Corporate Debtor to repay the loan in 72 monthly installments with a 14.50% per annum interest rate, resulting in a monthly EMI of Rs. 2,76,587. The Corporate Debtor started repayments on 05.09.2015 but subsequently defaulted. The Financial Creditor issued a loan recall notice on 02.08.2017 after repeated requests and notices to regularize the loan payment failed. The
…The Financial Creditor issued the…
The Corporate Debtor…