The applicant/Financial Creditor filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate corporate insolvency resolution process against the Respondent/Corporate Debtor. The applicant claimed Rs. 69,00,000/-. The Corporate Debtor filed a reply. The Financial Creditor submitted that the Corporate Debtor had entered into an agreement with the Financial Creditor, and an over-draft facility of Rs. 69 Lakhs was sanctioned to the Corporate Debtor.
Noble Cooperative Bank Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Jarvis Infratech Pvt Ltd, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The applicant claimed Rs. 69,00,000/- from the corporate debtor. The corporate debtor had availed an over-draft facility of Rs. 69 Lakhs from the financial creditor, sanctioned on 18.02.2018 at a simple interest rate of 13% per annum. The total outstanding amount was Rs. 76,54,410/-. The corporate debtor admitted to the debt and expressed willingness to repay but cited financial crisis as the reason for non-payment. The Adjudicating Authority found that the corporate debtor had defaulted on payments exceeding the minimum threshold limit under the IBC, 2016.
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An over-draft facility of Rs. 69 Lakhs was…
The Corporate Debtor appeared before the…
The applicant/Financial Creditor filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate corporate insolvency resolution process against the Respondent/Corporate Debtor. The applicant claimed Rs. 69,00,000/-. The Corporate Debtor filed a reply. The Financial Creditor submitted that the Corporate Debtor had entered into an agreement with the Financial Creditor, and an over-draft facility of Rs. 69 Lakhs was sanctioned to the Corporate Debtor.
Noble Cooperative Bank Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Jarvis Infratech Pvt Ltd, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The applicant claimed Rs. 69,00,000/- from the corporate debtor. The corporate debtor had availed an over-draft facility of Rs. 69 Lakhs from the financial creditor, sanctioned on 18.02.2018 at a simple interest rate of 13% per annum. The total outstanding amount was Rs. 76,54,410/-. The corporate debtor admitted to the debt and expressed willingness to repay but cited financial crisis as the reason for non-payment. The Adjudicating Authority found that the corporate debtor had defaulted on payments exceeding the minimum threshold limit under the IBC, 2016.
An over-draft facility of Rs. 69 Lakhs was…
The Corporate Debtor appeared before the…