Macro Leafin Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Pradeep Downhole Equipments Private Limited, the corporate debtor. Macro Leafin claimed to be the financial creditor, stating that it had extended a loan to Pradeep Downhole Equipments Private Limited. The corporate debtor allegedly defaulted on the repayment of the loan.
Macro Leafin Private Limited (the applicant) claimed to be a financial creditor of Pradeep Downhole Equipments Private Limited (the corporate debtor). The applicant filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against the corporate debtor. The applicant claimed that it had extended a loan of Rs. 45,00,000/- to the corporate debtor under a loan agreement dated 22.09.2014, which was extended and released on 27.09.2014. The applicant issued a loan recall cum balance confirmation letter dated 31.01.2016, demanding recovery of the outstanding amount. The corporate debtor allegedly defaulted on the repayment of the loan, with the entire loan amount, including interest, supposed to be repaid before 28.02.2016. The
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Macro Leafin Private Limited and Pradeep…
The loan was extended…
Macro Leafin Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Pradeep Downhole Equipments Private Limited, the corporate debtor. Macro Leafin claimed to be the financial creditor, stating that it had extended a loan to Pradeep Downhole Equipments Private Limited. The corporate debtor allegedly defaulted on the repayment of the loan.
Macro Leafin Private Limited (the applicant) claimed to be a financial creditor of Pradeep Downhole Equipments Private Limited (the corporate debtor). The applicant filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against the corporate debtor. The applicant claimed that it had extended a loan of Rs. 45,00,000/- to the corporate debtor under a loan agreement dated 22.09.2014, which was extended and released on 27.09.2014. The applicant issued a loan recall cum balance confirmation letter dated 31.01.2016, demanding recovery of the outstanding amount. The corporate debtor allegedly defaulted on the repayment of the loan, with the entire loan amount, including interest, supposed to be repaid before 28.02.2016. The
…Macro Leafin Private Limited and Pradeep…
The loan was extended…