Reliance Commercial Finance Limited filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Laxmi Vinayak Rice Mill Private Limited, the Corporate Debtor. The petitioner claimed that the Corporate Debtor defaulted on a loan of Rs. 64,00,000/- extended on 31.12.2014, resulting in an outstanding exposure of Rs. 76,95,920/- as of 24.11.2016.
Reliance Commercial Finance Limited (the petitioner/financial creditor) extended a loan of Rs. 64,00,000 to Laxmi Vinayak Rice Mill Private Limited (the corporate debtor) on 31.12.2014, formalized through a Loan-cum Hypothecation Agreement. As of 24.11.2016, the outstanding exposure, including principal, accrued interest, and penal interest, amounted to Rs. 76,95,920. The corporate debtor defaulted on the loan repayment. The petitioner filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The corporate debtor contended that a One Time Settlement (OTS) scheme was pending, and the petitioner had improperly deposited post-dated cheques. The corporate debtor also cited the
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Loan-cum Hypothecation Agreement executed…
Outstanding exposure (including principal,…
Reliance Commercial Finance Limited filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Laxmi Vinayak Rice Mill Private Limited, the Corporate Debtor. The petitioner claimed that the Corporate Debtor defaulted on a loan of Rs. 64,00,000/- extended on 31.12.2014, resulting in an outstanding exposure of Rs. 76,95,920/- as of 24.11.2016.
Reliance Commercial Finance Limited (the petitioner/financial creditor) extended a loan of Rs. 64,00,000 to Laxmi Vinayak Rice Mill Private Limited (the corporate debtor) on 31.12.2014, formalized through a Loan-cum Hypothecation Agreement. As of 24.11.2016, the outstanding exposure, including principal, accrued interest, and penal interest, amounted to Rs. 76,95,920. The corporate debtor defaulted on the loan repayment. The petitioner filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The corporate debtor contended that a One Time Settlement (OTS) scheme was pending, and the petitioner had improperly deposited post-dated cheques. The corporate debtor also cited the
…Loan-cum Hypothecation Agreement executed…
Outstanding exposure (including principal,…