M/s. T.R. Real Estate Pvt. Ltd., the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Kaba Infratech Pvt. Ltd., the Corporate Debtor, due to its inability to liquidate its debt. The Corporate Debtor was engaged in the infrastructure business and had requested a loan of Rs. 6 crores from the Financial Creditor to complete a project awarded by "UP PWD". An agreement was executed on 20.07.2017, with a loan duration of 3 months and an interest rate of 24% per annum. The Financial Creditor disbursed Rs. 1,89,00,000 in November 2017. The Corporate Debtor failed to repay the loan amount within the agreed 90 days.
M/s. T.R. Real Estate Pvt. Ltd. (Financial Creditor) provided a loan to M/s. Kaba Infratech Pvt. Ltd. (Corporate Debtor) for a project awarded by "UP PWD". An agreement dated 20.07.2017 was executed for a loan of Rs. 6 crores, but only Rs. 1.89 crores was disbursed in November 2017. The loan was to be repaid within 90 days with 24% interest per annum. The Corporate Debtor failed to repay the loan, leading the Financial Creditor to file a criminal complaint. A settlement was reached on 18.07.2018, where the Corporate Debtor agreed to repay by 30.11.2018 with 18% interest, but only paid Rs. 25 lakhs. The Financial Creditor then filed an application under Section 7 of the IBC, 2016, to initiate CIRP. The Corporate Debtor argued that the entire loan amount was
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Agreement executed between the Financial…
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M/s. T.R. Real Estate Pvt. Ltd., the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Kaba Infratech Pvt. Ltd., the Corporate Debtor, due to its inability to liquidate its debt. The Corporate Debtor was engaged in the infrastructure business and had requested a loan of Rs. 6 crores from the Financial Creditor to complete a project awarded by "UP PWD". An agreement was executed on 20.07.2017, with a loan duration of 3 months and an interest rate of 24% per annum. The Financial Creditor disbursed Rs. 1,89,00,000 in November 2017. The Corporate Debtor failed to repay the loan amount within the agreed 90 days.
M/s. T.R. Real Estate Pvt. Ltd. (Financial Creditor) provided a loan to M/s. Kaba Infratech Pvt. Ltd. (Corporate Debtor) for a project awarded by "UP PWD". An agreement dated 20.07.2017 was executed for a loan of Rs. 6 crores, but only Rs. 1.89 crores was disbursed in November 2017. The loan was to be repaid within 90 days with 24% interest per annum. The Corporate Debtor failed to repay the loan, leading the Financial Creditor to file a criminal complaint. A settlement was reached on 18.07.2018, where the Corporate Debtor agreed to repay by 30.11.2018 with 18% interest, but only paid Rs. 25 lakhs. The Financial Creditor then filed an application under Section 7 of the IBC, 2016, to initiate CIRP. The Corporate Debtor argued that the entire loan amount was
…Agreement executed between the Financial…
The Financial Creditor…