The case involves an application filed by Sanjay Ramkrishan Mantri, the Financial Creditor, to initiate the Corporate Insolvency Resolution Process (CIRP) against Rajit Rolling Mills Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claims that the Corporate Debtor defaulted in repaying a loan amount borrowed from them.
The Financial Creditor, Sanjay Ramkrishan Mantri, provided a business loan of Rs. 38,00,000 to the Corporate Debtor, Rajit Rolling Mills Private Limited, as per a loan agreement dated 2016-03-30. The agreement stipulated a 0% interest rate. The Corporate Debtor also executed a promissory note on the same date, promising repayment by 2019-03-18. The Corporate Debtor defaulted on the repayment. The Financial Creditor sent multiple letters requesting repayment, and the Corporate Debtor acknowledged the debt and promised to repay it by 2019-04-30, but failed to do so. The Director of the Corporate Debtor admitted the liability and default in open court, citing financial difficulties. The financial creditor provided ledger accounts as evidence of the debt. The corporate
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Financial Creditor provided a business loan of…
The date by which the Corporate Debtor was…
The case involves an application filed by Sanjay Ramkrishan Mantri, the Financial Creditor, to initiate the Corporate Insolvency Resolution Process (CIRP) against Rajit Rolling Mills Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claims that the Corporate Debtor defaulted in repaying a loan amount borrowed from them.
The Financial Creditor, Sanjay Ramkrishan Mantri, provided a business loan of Rs. 38,00,000 to the Corporate Debtor, Rajit Rolling Mills Private Limited, as per a loan agreement dated 2016-03-30. The agreement stipulated a 0% interest rate. The Corporate Debtor also executed a promissory note on the same date, promising repayment by 2019-03-18. The Corporate Debtor defaulted on the repayment. The Financial Creditor sent multiple letters requesting repayment, and the Corporate Debtor acknowledged the debt and promised to repay it by 2019-04-30, but failed to do so. The Director of the Corporate Debtor admitted the liability and default in open court, citing financial difficulties. The financial creditor provided ledger accounts as evidence of the debt. The corporate
…Financial Creditor provided a business loan of…
The date by which the Corporate Debtor was…