The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by M/s. Jash Bhandari Educational Trust (Financial Creditor) against M/s. Kapico Motors India Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default of Rs.49,84,109/-, including principal and interest. The Corporate Debtor failed to repay the loan despite a legal notice and dishonored cheques. The Corporate Debtor did not appear before the Tribunal despite receiving notice.
M/s. Jash Bhandari Educational Trust (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Kapico Motors India Private Limited (Corporate Debtor). The Financial Creditor claimed a sum of Rs.49,84,109/-, including a principal of Rs.37,50,000/- and interest at 21% p.a. amounting to Rs.12,34,109/-. The Corporate Debtor sought financial assistance of Rs.50,00,000/- from the Financial Creditor on 31.07.2018, promising repayment with interest. The Financial Creditor disbursed Rs.50,00,000/- to the Corporate Debtor's account. The Corporate Debtor executed a promissory note on 31.07.2018 for Rs.50,00,000/- repayable with 21% interest. The Corporate Debtor issued three post-dated cheques, but one cheque was returned
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Corporate Debtor sought financial assistance…
Corporate Debtor…
The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by M/s. Jash Bhandari Educational Trust (Financial Creditor) against M/s. Kapico Motors India Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default of Rs.49,84,109/-, including principal and interest. The Corporate Debtor failed to repay the loan despite a legal notice and dishonored cheques. The Corporate Debtor did not appear before the Tribunal despite receiving notice.
M/s. Jash Bhandari Educational Trust (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Kapico Motors India Private Limited (Corporate Debtor). The Financial Creditor claimed a sum of Rs.49,84,109/-, including a principal of Rs.37,50,000/- and interest at 21% p.a. amounting to Rs.12,34,109/-. The Corporate Debtor sought financial assistance of Rs.50,00,000/- from the Financial Creditor on 31.07.2018, promising repayment with interest. The Financial Creditor disbursed Rs.50,00,000/- to the Corporate Debtor's account. The Corporate Debtor executed a promissory note on 31.07.2018 for Rs.50,00,000/- repayable with 21% interest. The Corporate Debtor issued three post-dated cheques, but one cheque was returned
…Corporate Debtor sought financial assistance…
Corporate Debtor…