The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Nimit Builders Private Limited (Financial Creditor) against Jeevan Jyoti Vanijya Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a loan of Rs. 3,00,00,000/- disbursed on 02.05.2017, which was to be repaid within 30 days with 24% interest per annum. The Corporate Debtor allegedly approached the Financial Creditor in April 2017, and the date of default was 01.06.2017. The Financial Creditor served a notice on 12.08.2017 to the Corporate Debtor to make payments.
Nimit Builders Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Jeevan Jyoti Vanijya Limited, the Corporate Debtor. The Corporate Debtor approached the Financial Creditor in April 2017 for a loan. The Financial Creditor disbursed a loan of Rs. 3,00,00,000/- on 02.05.2017, to be repaid within 30 days with 24% interest per annum. The Corporate Debtor failed to repay the loan, and the date of default was 01.06.2017. The Financial Creditor served a notice on 12.08.2017. The Corporate Debtor claimed to have transferred Rs. 30,00,000/- in three installments and asserted a compromise agreement. The Financial Creditor submitted a statement of account evidencing the transfer of Rs. 3,00,00,000/-.
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The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Nimit Builders Private Limited (Financial Creditor) against Jeevan Jyoti Vanijya Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a loan of Rs. 3,00,00,000/- disbursed on 02.05.2017, which was to be repaid within 30 days with 24% interest per annum. The Corporate Debtor allegedly approached the Financial Creditor in April 2017, and the date of default was 01.06.2017. The Financial Creditor served a notice on 12.08.2017 to the Corporate Debtor to make payments.
Nimit Builders Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Jeevan Jyoti Vanijya Limited, the Corporate Debtor. The Corporate Debtor approached the Financial Creditor in April 2017 for a loan. The Financial Creditor disbursed a loan of Rs. 3,00,00,000/- on 02.05.2017, to be repaid within 30 days with 24% interest per annum. The Corporate Debtor failed to repay the loan, and the date of default was 01.06.2017. The Financial Creditor served a notice on 12.08.2017. The Corporate Debtor claimed to have transferred Rs. 30,00,000/- in three installments and asserted a compromise agreement. The Financial Creditor submitted a statement of account evidencing the transfer of Rs. 3,00,00,000/-.
…The Corporate Debtor…
The Financial Creditor…