Indiabulls Housing Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Micro Innovations Private Limited, alleging default in repayment of a loan amounting to Rs. 1,93,99,791/- as per the loan agreement and sanction letter dated 30.11.2014. The Corporate Debtor had approached the Financial Creditor for a loan to meet working capital requirements. The Financial Creditor sanctioned the loan, and a loan agreement was executed. The Corporate Debtor defaulted on payments, leading the Financial Creditor to recall the loan facility.
Indiabulls Housing Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Micro Innovations Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had approached the Financial Creditor for a loan of Rs. 1,93,99,791/- to meet working capital requirements. The Financial Creditor sanctioned the loan, and a loan agreement was executed on 30.11.2014. The loan was to be repaid in 180 equated monthly installments. The Financial Creditor disbursed the entire amount on 03.11.2014. The Corporate Debtor defaulted on the monthly installments. To secure the loan, the Corporate Debtor deposited original property documents. The Financial Creditor
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The Financial Creditor disbursed the entire…
A Loan Agreement was…
Indiabulls Housing Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Micro Innovations Private Limited, alleging default in repayment of a loan amounting to Rs. 1,93,99,791/- as per the loan agreement and sanction letter dated 30.11.2014. The Corporate Debtor had approached the Financial Creditor for a loan to meet working capital requirements. The Financial Creditor sanctioned the loan, and a loan agreement was executed. The Corporate Debtor defaulted on payments, leading the Financial Creditor to recall the loan facility.
Indiabulls Housing Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Micro Innovations Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had approached the Financial Creditor for a loan of Rs. 1,93,99,791/- to meet working capital requirements. The Financial Creditor sanctioned the loan, and a loan agreement was executed on 30.11.2014. The loan was to be repaid in 180 equated monthly installments. The Financial Creditor disbursed the entire amount on 03.11.2014. The Corporate Debtor defaulted on the monthly installments. To secure the loan, the Corporate Debtor deposited original property documents. The Financial Creditor
…The Financial Creditor disbursed the entire…
A Loan Agreement was…