Olympia Credits & Mercantile Private Limited (OCMP), the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Prithvi Finvest Company Private Limited, the corporate debtor, alleging default on a loan of Rs. 25,00,000. The financial creditor claimed that the corporate debtor failed to repay the loan despite repeated demands. The corporate debtor, however, contested the application, arguing that the application was premature and that there was no default due to a mutual understanding regarding the extension of the loan tenure upon payment of interest.
Olympia Credits & Mercantile Private Limited (OCMP) extended a loan of Rs. 25,00,000 to Prithvi Finvest Company Private Limited. The loan agreement stipulated repayment terms, and the corporate debtor also agreed to pay interest. The financial creditor alleged that the corporate debtor defaulted on the loan. The corporate debtor issued a post-dated cheque of Rs. 25,00,000 dated 21/8/2017 to secure the loan. The financial creditor presented the cheque, but it was returned unpaid due to insufficient funds. The financial creditor sent letters and emails to the corporate debtor demanding repayment. The corporate debtor admitted to receiving the loan and the obligation to pay interest at 9% per annum. The corporate debtor contended that the loan tenure was extended
…Sign in to view the parties.
The loan was av…
The loan was renewed…
Olympia Credits & Mercantile Private Limited (OCMP), the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Prithvi Finvest Company Private Limited, the corporate debtor, alleging default on a loan of Rs. 25,00,000. The financial creditor claimed that the corporate debtor failed to repay the loan despite repeated demands. The corporate debtor, however, contested the application, arguing that the application was premature and that there was no default due to a mutual understanding regarding the extension of the loan tenure upon payment of interest.
Olympia Credits & Mercantile Private Limited (OCMP) extended a loan of Rs. 25,00,000 to Prithvi Finvest Company Private Limited. The loan agreement stipulated repayment terms, and the corporate debtor also agreed to pay interest. The financial creditor alleged that the corporate debtor defaulted on the loan. The corporate debtor issued a post-dated cheque of Rs. 25,00,000 dated 21/8/2017 to secure the loan. The financial creditor presented the cheque, but it was returned unpaid due to insufficient funds. The financial creditor sent letters and emails to the corporate debtor demanding repayment. The corporate debtor admitted to receiving the loan and the obligation to pay interest at 9% per annum. The corporate debtor contended that the loan tenure was extended
…The loan was av…
The loan was renewed…