The petition was filed by Hemraj Choudhary, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Rattan Spirit Private Limited, the Corporate Debtor, for a default of Rs. 2,51,53,127/-.
Hemraj Choudhary, the Financial Creditor, filed a petition under Section 7 of the IBC against Rattan Spirit Private Limited, the Corporate Debtor.
The Corporate Debtor defaulted on a payment of Rs. 2,51,53,127/-.
The Financial Creditor advanced a loan of Rs. 1,39,00,000/- to the Corporate Debtor in tranches through NEFT.
The oral understanding was that the loan would be repaid within 2 years with 18% interest per annum.
The Corporate Debtor acknowledged the debt in its financial statement for the year ended March 31, 2020.
The Corporate Debtor requested more time to make the payment, citing the Covid-19 pandemic.
The Financial Creditor issued a legal notice on 05.04.2023 calling upon the Corporate Debtor to repay the loan.
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The Corporate Debtor…
The Financial Creditor…
The petition was filed by Hemraj Choudhary, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Rattan Spirit Private Limited, the Corporate Debtor, for a default of Rs. 2,51,53,127/-.
Hemraj Choudhary, the Financial Creditor, filed a petition under Section 7 of the IBC against Rattan Spirit Private Limited, the Corporate Debtor.
The Corporate Debtor defaulted on a payment of Rs. 2,51,53,127/-.
The Financial Creditor advanced a loan of Rs. 1,39,00,000/- to the Corporate Debtor in tranches through NEFT.
The oral understanding was that the loan would be repaid within 2 years with 18% interest per annum.
The Corporate Debtor acknowledged the debt in its financial statement for the year ended March 31, 2020.
The Corporate Debtor requested more time to make the payment, citing the Covid-19 pandemic.
The Financial Creditor issued a legal notice on 05.04.2023 calling upon the Corporate Debtor to repay the loan.
…The Corporate Debtor…
The Financial Creditor…