Tata Capital Financial Services Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Kay Em Copper Private Limited due to an alleged default of Rs. 3,14,08,827. The applicant, a Non-Banking Financial Company, claimed that the respondent, engaged in wholesale trading of copper and zinc, defaulted on a channel finance loan. The respondent denied the contents of the application, questioning the authority of the applicant's representative and alleging discrepancies in the documents.
Tata Capital Financial Services Limited (the applicant), a Non-Banking Financial Company, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kay Em Copper Private Limited (the respondent), a company engaged in the wholesale trading of copper and zinc. The applicant claimed that the respondent defaulted on a channel finance loan amounting to Rs. 3,14,08,827. The loan was sanctioned on 04.07.2017, with a tenure of 12 months and an interest rate of 10.5% p.a. The loan was intended for purchasing raw materials from Vedanta Limited. The applicant disbursed the loan directly to Vedanta Limited. The loan was secured by a first and exclusive charge on inventory purchased from
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Applicant issued a sanction letter for a channel…
The Respondent applied for a Channel finance…
Tata Capital Financial Services Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Kay Em Copper Private Limited due to an alleged default of Rs. 3,14,08,827. The applicant, a Non-Banking Financial Company, claimed that the respondent, engaged in wholesale trading of copper and zinc, defaulted on a channel finance loan. The respondent denied the contents of the application, questioning the authority of the applicant's representative and alleging discrepancies in the documents.
Tata Capital Financial Services Limited (the applicant), a Non-Banking Financial Company, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kay Em Copper Private Limited (the respondent), a company engaged in the wholesale trading of copper and zinc. The applicant claimed that the respondent defaulted on a channel finance loan amounting to Rs. 3,14,08,827. The loan was sanctioned on 04.07.2017, with a tenure of 12 months and an interest rate of 10.5% p.a. The loan was intended for purchasing raw materials from Vedanta Limited. The applicant disbursed the loan directly to Vedanta Limited. The loan was secured by a first and exclusive charge on inventory purchased from
…Applicant issued a sanction letter for a channel…
The Respondent applied for a Channel finance…