S J Services Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against RG Buildestate Private Limited, claiming to be a Financial Creditor. The application seeks initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in repayment of a loan amount. S J Services claims that RG Buildestate defaulted on a term loan facility of Rs. 1,00,00,000 availed in 2014, with an agreement for a penal interest rate of 3% per month on outstanding dues. The respondent, RG Buildestate, admits to availing the loan but claims to have made regular interest payments until 12.10.2015, followed by a payment of Rs. 75,000 in 2018. Cheques issued for interest payments in October 2015 were dishonored. The applicant also
…S J Services Private Limited (the Applicant) claimed to be a Financial Creditor of RG Buildestate Private Limited (the Corporate Debtor). The Applicant filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to default in repayment of a loan. The Corporate Debtor availed a Term Loan Facility of Rs. 1,00,00,000 in 2014, executing a Term Loan Agreement dated 20.11.2014 with an interest rate of 3% per month. The agreement allowed the Applicant to charge a penal interest rate of 3% per month for delays in repayment. The Corporate Debtor was regular in interest payments until 12.10.2015. Cheques issued for interest payments on 13.10.2015 and
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RG Buildestate Private Limited availed a Term…
RG Buildestate Private Limited executed a Term…
S J Services Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against RG Buildestate Private Limited, claiming to be a Financial Creditor. The application seeks initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in repayment of a loan amount. S J Services claims that RG Buildestate defaulted on a term loan facility of Rs. 1,00,00,000 availed in 2014, with an agreement for a penal interest rate of 3% per month on outstanding dues. The respondent, RG Buildestate, admits to availing the loan but claims to have made regular interest payments until 12.10.2015, followed by a payment of Rs. 75,000 in 2018. Cheques issued for interest payments in October 2015 were dishonored. The applicant also
…S J Services Private Limited (the Applicant) claimed to be a Financial Creditor of RG Buildestate Private Limited (the Corporate Debtor). The Applicant filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to default in repayment of a loan. The Corporate Debtor availed a Term Loan Facility of Rs. 1,00,00,000 in 2014, executing a Term Loan Agreement dated 20.11.2014 with an interest rate of 3% per month. The agreement allowed the Applicant to charge a penal interest rate of 3% per month for delays in repayment. The Corporate Debtor was regular in interest payments until 12.10.2015. Cheques issued for interest payments on 13.10.2015 and
…RG Buildestate Private Limited availed a Term…
RG Buildestate Private Limited executed a Term…