The case involves an application filed by Kai Bhimrao Jyoti Chavan Multistate Co-Op Credit Society Ltd. (the Petitioner) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Pratibha Skyscrapers Private Limited (the Corporate Debtor). The Petitioner sought the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to a default in repayment of facilities granted to the Corporate Debtor. The Corporate Debtor availed credit facilities from the Petitioner, including a short-term loan, and defaulted on repayments.
Kai Bhimrao Jyoti Chavan Multistate Co-Op Credit Society Ltd. (Petitioner) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Pratibha Skyscrapers Private Limited (Corporate Debtor). The Petitioner sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of facilities. The Corporate Debtor availed credit facilities from the Petitioner, including a short-term loan of Rs. 1,55,55,000 on 31.03.2017 for 12 months, with interest at 12% p.a. Mr. Mahadev B. Gondhale, a director of the Corporate Debtor, provided a personal guarantee. The Corporate Debtor executed a promissory note on 31.03.2017 for Rs. 1,55,55,000. The Corporate Debtor defaulted on 01.02.2018. The total outstanding was Rs.
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The Corporate Debtor submitted a loan…
The Corporate Debtor committed default in…
The case involves an application filed by Kai Bhimrao Jyoti Chavan Multistate Co-Op Credit Society Ltd. (the Petitioner) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Pratibha Skyscrapers Private Limited (the Corporate Debtor). The Petitioner sought the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to a default in repayment of facilities granted to the Corporate Debtor. The Corporate Debtor availed credit facilities from the Petitioner, including a short-term loan, and defaulted on repayments.
Kai Bhimrao Jyoti Chavan Multistate Co-Op Credit Society Ltd. (Petitioner) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Pratibha Skyscrapers Private Limited (Corporate Debtor). The Petitioner sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of facilities. The Corporate Debtor availed credit facilities from the Petitioner, including a short-term loan of Rs. 1,55,55,000 on 31.03.2017 for 12 months, with interest at 12% p.a. Mr. Mahadev B. Gondhale, a director of the Corporate Debtor, provided a personal guarantee. The Corporate Debtor executed a promissory note on 31.03.2017 for Rs. 1,55,55,000. The Corporate Debtor defaulted on 01.02.2018. The total outstanding was Rs.
…The Corporate Debtor submitted a loan…
The Corporate Debtor committed default in…