The GATS Urban Co-operative Thrift and Credit Society Limited, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Sahil Alloys & Machine Tools Pvt. Ltd., the corporate debtor. The financial creditor claimed a default of ₹13,33,931.06 as of 31.07.2018, stemming from a loan agreement where ₹10 lacs was disbursed out of a sanctioned amount of ₹15 lacs. The corporate debtor argued breach of contract, claiming only ₹10 lacs was disbursed against an agreed ₹15 lacs, leading to financial difficulties.
The GATS Urban Co-operative Thrift and Credit Society Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Sahil Alloys & Machine Tools Pvt. Ltd. (Corporate Debtor) for a default in repayment of a loan. The Financial Creditor sanctioned a loan of ₹15 lacs to the Corporate Debtor for a term of 24 months at 24% interest per annum, evidenced by a Loan Cum Hypothecation Agreement dated 22.03.2017. The purpose of the loan was to provide working capital. The Financial Creditor disbursed ₹3,00,000 on 22.03.2017 and a total of ₹7,00,000 in several tranches until 25.10.2017. The Financial Creditor claimed a default of ₹13,33,931.06 as of 31.07.2018, with the date of default being 01.12.2017. Loan recall
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Loan Cum Hypothecation Agreement dated…
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The GATS Urban Co-operative Thrift and Credit Society Limited, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Sahil Alloys & Machine Tools Pvt. Ltd., the corporate debtor. The financial creditor claimed a default of ₹13,33,931.06 as of 31.07.2018, stemming from a loan agreement where ₹10 lacs was disbursed out of a sanctioned amount of ₹15 lacs. The corporate debtor argued breach of contract, claiming only ₹10 lacs was disbursed against an agreed ₹15 lacs, leading to financial difficulties.
The GATS Urban Co-operative Thrift and Credit Society Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Sahil Alloys & Machine Tools Pvt. Ltd. (Corporate Debtor) for a default in repayment of a loan. The Financial Creditor sanctioned a loan of ₹15 lacs to the Corporate Debtor for a term of 24 months at 24% interest per annum, evidenced by a Loan Cum Hypothecation Agreement dated 22.03.2017. The purpose of the loan was to provide working capital. The Financial Creditor disbursed ₹3,00,000 on 22.03.2017 and a total of ₹7,00,000 in several tranches until 25.10.2017. The Financial Creditor claimed a default of ₹13,33,931.06 as of 31.07.2018, with the date of default being 01.12.2017. Loan recall
…Loan Cum Hypothecation Agreement dated…
First tranche of…