Agrasen Trade Merchant Private Limited, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Moli Merchant Traders Private Limited, the Corporate Debtor, for a debt and default of Rs. 10,771,580 as of March 20, 2020. The Financial Creditor claimed that the Corporate Debtor had failed to repay the loan amount despite acknowledging the debt and issuing a demand promissory note.
Agrasen Trade Merchant Private Limited (Financial Creditor) filed a petition against Moli Merchant Traders Private Limited (Corporate Debtor) under Section 7 of the IBC, seeking to initiate CIRP. The Financial Creditor claimed a debt and default of Rs. 10,771,580 as of March 20, 2020. The Financial Creditor and Corporate Debtor entered into an Inter-Corporate Loan Agreement dated November 19, 2018, for a loan amount of Rs. 2,61,50,000. The loan was disbursed in installments between November 2018 and January 2020. The loan was unsecured, with an interest rate of 15% per annum. The Corporate Debtor issued a letter on February 29, 2020, acknowledging a debt of Rs. 1,01,19,120. The Corporate Debtor also issued a demand promissory note on the same date for the same amount,
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Agrasen Trade Merchant Private Limited, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Moli Merchant Traders Private Limited, the Corporate Debtor, for a debt and default of Rs. 10,771,580 as of March 20, 2020. The Financial Creditor claimed that the Corporate Debtor had failed to repay the loan amount despite acknowledging the debt and issuing a demand promissory note.
Agrasen Trade Merchant Private Limited (Financial Creditor) filed a petition against Moli Merchant Traders Private Limited (Corporate Debtor) under Section 7 of the IBC, seeking to initiate CIRP. The Financial Creditor claimed a debt and default of Rs. 10,771,580 as of March 20, 2020. The Financial Creditor and Corporate Debtor entered into an Inter-Corporate Loan Agreement dated November 19, 2018, for a loan amount of Rs. 2,61,50,000. The loan was disbursed in installments between November 2018 and January 2020. The loan was unsecured, with an interest rate of 15% per annum. The Corporate Debtor issued a letter on February 29, 2020, acknowledging a debt of Rs. 1,01,19,120. The Corporate Debtor also issued a demand promissory note on the same date for the same amount,
…Parties executed an…
Loan disbursed…