The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by M/s. H.S. Syndicate, a financial creditor, against Real Value Promoters Private Limited, the corporate debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The financial creditor claims a debt of Rs. 1,10,00,000/-. The corporate debtor had previously entered into a Memorandum of Compromise (MoC) with the financial creditor on 11.12.2019, agreeing to repay Rs. 1,10,00,000/- in five installments. However, the corporate debtor defaulted on these installments, leading to the current application.
M/s. H.S. Syndicate, a partnership firm, extended a loan to Real Value Promoters Private Limited. The initial loan was disbursed by M/s. Kochar Finance on 24.04.2008, amounting to Rs. 50,00,000/-, with Rs. 44,00,000/- given to the Corporate Debtor and Rs. 6,00,000/- deducted as interest. The Corporate Debtor was to repay the loan in 10 equated monthly installments of Rs. 5,00,000/- from 25.05.2008 to 25.02.2009. The Corporate Debtor delayed payments, and eventually stopped making payments to M/s. Kochar Finance. The Corporate Debtor paid Rs. 29,00,000/- towards the principal and Rs. 2,42,000/- towards interest during the default period (October 2008 to August 2010). On 13.08.2010, the Financial Creditor took over the loan facility. As of 13.08.2010, Rs. 21,00,000/- was
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M/s. Kochar Finance…
Corporate Debtor was to…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by M/s. H.S. Syndicate, a financial creditor, against Real Value Promoters Private Limited, the corporate debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The financial creditor claims a debt of Rs. 1,10,00,000/-. The corporate debtor had previously entered into a Memorandum of Compromise (MoC) with the financial creditor on 11.12.2019, agreeing to repay Rs. 1,10,00,000/- in five installments. However, the corporate debtor defaulted on these installments, leading to the current application.
M/s. H.S. Syndicate, a partnership firm, extended a loan to Real Value Promoters Private Limited. The initial loan was disbursed by M/s. Kochar Finance on 24.04.2008, amounting to Rs. 50,00,000/-, with Rs. 44,00,000/- given to the Corporate Debtor and Rs. 6,00,000/- deducted as interest. The Corporate Debtor was to repay the loan in 10 equated monthly installments of Rs. 5,00,000/- from 25.05.2008 to 25.02.2009. The Corporate Debtor delayed payments, and eventually stopped making payments to M/s. Kochar Finance. The Corporate Debtor paid Rs. 29,00,000/- towards the principal and Rs. 2,42,000/- towards interest during the default period (October 2008 to August 2010). On 13.08.2010, the Financial Creditor took over the loan facility. As of 13.08.2010, Rs. 21,00,000/- was
…M/s. Kochar Finance…
Corporate Debtor was to…