Indiabulls Housing Finance Limited, as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against RRC International Freight Services Limited, the Corporate Debtor, due to default in repayment of a loan facility. The loan was obtained by the Corporate Debtor to purchase eight commercial vehicles, with Loan cum Hypothecation Agreements executed on 15.07.2014. The Financial Creditor claimed a total outstanding debt of ₹1,76,79,194/- as of 27.02.2018, after the Corporate Debtor defaulted on payments and failed to adhere to the terms of the agreements. Arbitration proceedings were initiated, and a settlement was reached, but the Corporate Debtor breached the settlement terms.
RRC International Freight Services Limited (Corporate Debtor) availed a loan facility from Indiabulls Housing Finance Limited (Financial Creditor) to purchase eight commercial vehicles. Loan cum Hypothecation Agreements were executed on 15.07.2014, and a total of ₹2,42,25,029/- was disbursed. The Corporate Debtor defaulted on payments, leading the Financial Creditor to recall the loan facility via a notice dated 06.01.2015, demanding ₹2,61,11,806/-. Arbitration proceedings were initiated, resulting in a settlement that the Corporate Debtor later breached. As of 27.02.2018, the outstanding debt was ₹1,76,79,194/-. The Financial Creditor dispatched a demand notice on 31.05.2016 for ₹42,47,192/-, which the Corporate Debtor did not respond to. The Corporate Debtor did not
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Loan cum Hypothecation Agreements were…
Financial Creditor issued a common recall…
Indiabulls Housing Finance Limited, as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against RRC International Freight Services Limited, the Corporate Debtor, due to default in repayment of a loan facility. The loan was obtained by the Corporate Debtor to purchase eight commercial vehicles, with Loan cum Hypothecation Agreements executed on 15.07.2014. The Financial Creditor claimed a total outstanding debt of ₹1,76,79,194/- as of 27.02.2018, after the Corporate Debtor defaulted on payments and failed to adhere to the terms of the agreements. Arbitration proceedings were initiated, and a settlement was reached, but the Corporate Debtor breached the settlement terms.
RRC International Freight Services Limited (Corporate Debtor) availed a loan facility from Indiabulls Housing Finance Limited (Financial Creditor) to purchase eight commercial vehicles. Loan cum Hypothecation Agreements were executed on 15.07.2014, and a total of ₹2,42,25,029/- was disbursed. The Corporate Debtor defaulted on payments, leading the Financial Creditor to recall the loan facility via a notice dated 06.01.2015, demanding ₹2,61,11,806/-. Arbitration proceedings were initiated, resulting in a settlement that the Corporate Debtor later breached. As of 27.02.2018, the outstanding debt was ₹1,76,79,194/-. The Financial Creditor dispatched a demand notice on 31.05.2016 for ₹42,47,192/-, which the Corporate Debtor did not respond to. The Corporate Debtor did not
…Loan cum Hypothecation Agreements were…
Financial Creditor issued a common recall…