The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Ram Lal Kamal Raj Jewellers Pvt. Ltd. for defaulting on a payment of Rs. 24,28,202/- to the applicant, M/s Paisalo Digital Ltd. The applicant, incorporated under the Companies Act, 1996, had granted a loan of Rs. 15,00,000/- to the corporate debtor on 08.05.2014, with a 9% annual interest rate. The corporate debtor defaulted on repayment, leading to the application for CIRP.
M/s Paisalo Digital Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Ram Lal Kamal Raj Jewellers Pvt. Ltd. The applicant, M/s Paisalo Digital Ltd., is a company incorporated under the Companies Act, 1996. The corporate debtor, M/s Ram Lal Kamal Raj Jewellers Pvt. Ltd., was granted a loan of Rs. 15,00,000/- by the applicant on 08.05.2014, with a 9% annual interest rate. The corporate debtor defaulted on the repayment of the principal amount and interest. The total liability of the corporate debtor, including the principal amount of Rs. 16,08,850/- and interest amounting to Rs. 7,99,352/-, totaled Rs. 24,08,202/- as of 30.11.2019. The corporate debtor was served notice but remained absent and
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M/s Paisalo Digital Ltd. granted a loan of…
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The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Ram Lal Kamal Raj Jewellers Pvt. Ltd. for defaulting on a payment of Rs. 24,28,202/- to the applicant, M/s Paisalo Digital Ltd. The applicant, incorporated under the Companies Act, 1996, had granted a loan of Rs. 15,00,000/- to the corporate debtor on 08.05.2014, with a 9% annual interest rate. The corporate debtor defaulted on repayment, leading to the application for CIRP.
M/s Paisalo Digital Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Ram Lal Kamal Raj Jewellers Pvt. Ltd. The applicant, M/s Paisalo Digital Ltd., is a company incorporated under the Companies Act, 1996. The corporate debtor, M/s Ram Lal Kamal Raj Jewellers Pvt. Ltd., was granted a loan of Rs. 15,00,000/- by the applicant on 08.05.2014, with a 9% annual interest rate. The corporate debtor defaulted on the repayment of the principal amount and interest. The total liability of the corporate debtor, including the principal amount of Rs. 16,08,850/- and interest amounting to Rs. 7,99,352/-, totaled Rs. 24,08,202/- as of 30.11.2019. The corporate debtor was served notice but remained absent and
…M/s Paisalo Digital Ltd. granted a loan of…
The Respondent was…