The case involves an application filed by Tomorrow Sales Agency Pvt. Ltd., a non-banking financial company, against Raipur Power and Steel Ltd. & Ors. under Section 7 of the Insolvency and Bankruptcy Code, 2016. Tomorrow Sales Agency claims to be a financial creditor, having disbursed an unsecured loan of Rs. 15 crores to Raipur Power and Steel at an interest rate of 12% per annum. The loan was allegedly extended without a formal agreement, and the respondent company, Raipur Power and Steel, is claimed to be in default of Rs. 17,37,00,000/-. The petitioner argues that the respondent's failure to repay the loan warrants the initiation of the insolvency process.
Tomorrow Sales Agency Pvt. Ltd., a non-banking financial company registered with the RBI, claims to be a 'Financial Creditor' to Raipur Power and Steel Ltd. Raipur Power and Steel approached Tomorrow Sales Agency for a temporary unsecured loan due to financial difficulties. Tomorrow Sales Agency disbursed an unsecured loan of Rs. 15 crores to Raipur Power and Steel at 12% interest per annum between 2014-10-11 and 2014-11-11. The loan was allegedly extended without a formal agreement. Raipur Power and Steel confirmed the loan amount and accrued interest through communication dated 2016-04-01 for the financial year 2015-2016, signed by Mr. Neeraj Sharma. Raipur Power and Steel defaulted on the loan, with a total outstanding amount of Rs. 17,37,00,000 as of 2015-07-23.
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Tomorrow Sales Agency Pvt. Ltd. is registered…
Tomorrow Sales Agency…
The case involves an application filed by Tomorrow Sales Agency Pvt. Ltd., a non-banking financial company, against Raipur Power and Steel Ltd. & Ors. under Section 7 of the Insolvency and Bankruptcy Code, 2016. Tomorrow Sales Agency claims to be a financial creditor, having disbursed an unsecured loan of Rs. 15 crores to Raipur Power and Steel at an interest rate of 12% per annum. The loan was allegedly extended without a formal agreement, and the respondent company, Raipur Power and Steel, is claimed to be in default of Rs. 17,37,00,000/-. The petitioner argues that the respondent's failure to repay the loan warrants the initiation of the insolvency process.
Tomorrow Sales Agency Pvt. Ltd., a non-banking financial company registered with the RBI, claims to be a 'Financial Creditor' to Raipur Power and Steel Ltd. Raipur Power and Steel approached Tomorrow Sales Agency for a temporary unsecured loan due to financial difficulties. Tomorrow Sales Agency disbursed an unsecured loan of Rs. 15 crores to Raipur Power and Steel at 12% interest per annum between 2014-10-11 and 2014-11-11. The loan was allegedly extended without a formal agreement. Raipur Power and Steel confirmed the loan amount and accrued interest through communication dated 2016-04-01 for the financial year 2015-2016, signed by Mr. Neeraj Sharma. Raipur Power and Steel defaulted on the loan, with a total outstanding amount of Rs. 17,37,00,000 as of 2015-07-23.
…Tomorrow Sales Agency Pvt. Ltd. is registered…
Tomorrow Sales Agency…