The case involves an application filed by Mr. Devendra Kumar Sharma, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against JBB-Everest Buildtech Private Limited, the corporate debtor. The applicant claims that the corporate debtor approached him for a loan of Rs. 25,00,000, which was granted, with an agreement for repayment on demand along with 15% interest per annum. A loan agreement was executed on 16.08.2017, along with a promissory note, and the amount was disbursed via RTGS on the same date.
Mr. Devendra Kumar Sharma (Financial Creditor) provided a loan of Rs. 25,00,000 to JBB-Everest Buildtech Private Limited (Corporate Debtor). The loan agreement, dated 2017-08-16, included a promissory note and stipulated repayment on demand with 15% annual interest. The funds were transferred via RTGS on 2017-08-16. The Corporate Debtor failed to repay the loan despite repeated requests from the Financial Creditor. The Financial Creditor issued a notice on 2019-01-10 demanding repayment. The Corporate Debtor admitted to taking the loan but cited unforeseen circumstances for non-repayment. The Corporate Debtor filed an affidavit admitting its liability. The Financial Creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate
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Loan agreement executed between Mr. Devendra…
Mr. Devendra Kumar Sharma disbursed Rs.…
The case involves an application filed by Mr. Devendra Kumar Sharma, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against JBB-Everest Buildtech Private Limited, the corporate debtor. The applicant claims that the corporate debtor approached him for a loan of Rs. 25,00,000, which was granted, with an agreement for repayment on demand along with 15% interest per annum. A loan agreement was executed on 16.08.2017, along with a promissory note, and the amount was disbursed via RTGS on the same date.
Mr. Devendra Kumar Sharma (Financial Creditor) provided a loan of Rs. 25,00,000 to JBB-Everest Buildtech Private Limited (Corporate Debtor). The loan agreement, dated 2017-08-16, included a promissory note and stipulated repayment on demand with 15% annual interest. The funds were transferred via RTGS on 2017-08-16. The Corporate Debtor failed to repay the loan despite repeated requests from the Financial Creditor. The Financial Creditor issued a notice on 2019-01-10 demanding repayment. The Corporate Debtor admitted to taking the loan but cited unforeseen circumstances for non-repayment. The Corporate Debtor filed an affidavit admitting its liability. The Financial Creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate
…Loan agreement executed between Mr. Devendra…
Mr. Devendra Kumar Sharma disbursed Rs.…