The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by M/s. V. S. Enterprises (Financial Creditor) against M/s. RL Logistics Private Limited (Corporate Debtor). The Financial Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The Corporate Debtor failed to repay outstanding dues of Rs.8,31,068/-, which included interest as on 14.05.2018. The Corporate Debtor was proceeded ex parte due to lack of representation despite receiving notice.
M/s. V. S. Enterprises (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. RL Logistics Private Limited (Corporate Debtor) due to a default in loan repayment. The Corporate Debtor's Board of Directors decided on 2018-02-11 to borrow Rs. 15 Lakhs from the Financial Creditor for five months. A Loan Agreement was entered into on 2018-02-13, with the Financial Creditor advancing the loan. To secure the loan, Demand Promissory Notes were issued, and a Deed of Personal Guarantee was provided by Mr. S. Rajagopalan. The Corporate Debtor made some repayments, totaling Rs. 7 Lakhs. However, a cheque for Rs. 9 Lakhs issued by the Corporate Debtor bounced. The Financial Creditor sent a notice on 2018-07-06 demanding
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Corporate Debtor's Board of Directors decided…
Loan Agreement entered…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by M/s. V. S. Enterprises (Financial Creditor) against M/s. RL Logistics Private Limited (Corporate Debtor). The Financial Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The Corporate Debtor failed to repay outstanding dues of Rs.8,31,068/-, which included interest as on 14.05.2018. The Corporate Debtor was proceeded ex parte due to lack of representation despite receiving notice.
M/s. V. S. Enterprises (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. RL Logistics Private Limited (Corporate Debtor) due to a default in loan repayment. The Corporate Debtor's Board of Directors decided on 2018-02-11 to borrow Rs. 15 Lakhs from the Financial Creditor for five months. A Loan Agreement was entered into on 2018-02-13, with the Financial Creditor advancing the loan. To secure the loan, Demand Promissory Notes were issued, and a Deed of Personal Guarantee was provided by Mr. S. Rajagopalan. The Corporate Debtor made some repayments, totaling Rs. 7 Lakhs. However, a cheque for Rs. 9 Lakhs issued by the Corporate Debtor bounced. The Financial Creditor sent a notice on 2018-07-06 demanding
…Corporate Debtor's Board of Directors decided…
Loan Agreement entered…