The case involves a petition filed by Seashells Infrastructures Pvt. Ltd. (Financial Creditor) against Rajpur Hydro Power Pvt. Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the corporate insolvency resolution process. The Financial Creditor claims that the Corporate Debtor defaulted on a loan agreement. The Corporate Debtor's registered office falls within the territorial jurisdiction of the Chandigarh Bench of the National Company Law Tribunal.
Seashells Infrastructures Pvt. Ltd. (Financial Creditor) filed a petition against Rajpur Hydro Power Pvt. Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed that the Corporate Debtor borrowed ₹20,00,000/- based on a loan agreement dated 03.03.2015, with a repayment deadline of 31.03.2016. The agreement stipulated an 18% per annum compounded monthly interest in case of default. The loan was disbursed via cheque No. 495137 dated 03.03.2015. While the Corporate Debtor allegedly executed a promissory note, it was unstamped and deemed inadmissible. A letter dated 20.01.2017 from the Corporate Debtor's Managing Director, Mr. T. Rajshekar, admitted an outstanding balance of ₹10,00,000/- plus interest. The
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Date of the loan agreement between Seashells…
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The case involves a petition filed by Seashells Infrastructures Pvt. Ltd. (Financial Creditor) against Rajpur Hydro Power Pvt. Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the corporate insolvency resolution process. The Financial Creditor claims that the Corporate Debtor defaulted on a loan agreement. The Corporate Debtor's registered office falls within the territorial jurisdiction of the Chandigarh Bench of the National Company Law Tribunal.
Seashells Infrastructures Pvt. Ltd. (Financial Creditor) filed a petition against Rajpur Hydro Power Pvt. Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed that the Corporate Debtor borrowed ₹20,00,000/- based on a loan agreement dated 03.03.2015, with a repayment deadline of 31.03.2016. The agreement stipulated an 18% per annum compounded monthly interest in case of default. The loan was disbursed via cheque No. 495137 dated 03.03.2015. While the Corporate Debtor allegedly executed a promissory note, it was unstamped and deemed inadmissible. A letter dated 20.01.2017 from the Corporate Debtor's Managing Director, Mr. T. Rajshekar, admitted an outstanding balance of ₹10,00,000/- plus interest. The
…Date of the loan agreement between Seashells…
Original deadl…