The case involves an application filed by Mr. Raj Kumar Tyagi, the Financial Creditor, against KDP Buildwell Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Financial Creditor claims that the Corporate Debtor approached them for financial assistance due to necessity and urgency of funds for its business purposes. The Financial Creditor disbursed an unsecured loan of Rs. 1,00,00,000/- on 25.02.2015 to the Corporate Debtor at an interest rate of 18% per annum, to be repaid by 25th February, 2017. The Corporate Debtor issued cheques which were later dishonored.
Mr. Raj Kumar Tyagi, the Financial Creditor, provided an unsecured loan of Rs. 1,00,00,000/- to KDP Buildwell Private Limited, the Corporate Debtor, on 25.02.2015. The loan carried an interest rate of 18% per annum and was to be repaid by 25th February, 2017. The Corporate Debtor issued two cheques, each for Rs. 50,00,000/-, dated 25.01.2017, which were later dishonored due to 'funds insufficient' on 23.03.2017. A legal notice dated 17.04.2017 was sent to the Corporate Debtor demanding the outstanding debt. The Financial Creditor filed a petition under Section 7 of the IBC, 2016, to initiate CIRP. The Corporate Debtor raised objections regarding the maintainability of the petition, citing pending civil suits and limitation issues. The Corporate Debtor admitted
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Financial Creditor disbursed an unsecured…
Corporate Debtor issued…
The case involves an application filed by Mr. Raj Kumar Tyagi, the Financial Creditor, against KDP Buildwell Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Financial Creditor claims that the Corporate Debtor approached them for financial assistance due to necessity and urgency of funds for its business purposes. The Financial Creditor disbursed an unsecured loan of Rs. 1,00,00,000/- on 25.02.2015 to the Corporate Debtor at an interest rate of 18% per annum, to be repaid by 25th February, 2017. The Corporate Debtor issued cheques which were later dishonored.
Mr. Raj Kumar Tyagi, the Financial Creditor, provided an unsecured loan of Rs. 1,00,00,000/- to KDP Buildwell Private Limited, the Corporate Debtor, on 25.02.2015. The loan carried an interest rate of 18% per annum and was to be repaid by 25th February, 2017. The Corporate Debtor issued two cheques, each for Rs. 50,00,000/-, dated 25.01.2017, which were later dishonored due to 'funds insufficient' on 23.03.2017. A legal notice dated 17.04.2017 was sent to the Corporate Debtor demanding the outstanding debt. The Financial Creditor filed a petition under Section 7 of the IBC, 2016, to initiate CIRP. The Corporate Debtor raised objections regarding the maintainability of the petition, citing pending civil suits and limitation issues. The Corporate Debtor admitted
…Financial Creditor disbursed an unsecured…
Corporate Debtor issued…