Findeal Investments Private Limited, claiming to be a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Satyamitra Stock Consultants Private Limited, the Corporate Debtor, for default in repayment of a loan amount. The Applicant sought initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed an interest-free advance from the Applicant, which was later converted into a loan agreement with security. The Corporate Debtor admitted to the debt but faced financial difficulties due to losses incurred on the sale of equity shares.
Findeal Investments Private Limited (the Applicant) claimed to be a Financial Creditor to Satyamitra Stock Consultants Private Limited (the Corporate Debtor). The Corporate Debtor availed an interest-free advance of Rs. 3,87,48,909/- from the Applicant until 31.03.2016, which was to be repaid on or after 01.04.2016. Due to the Corporate Debtor's failure to repay, a Loan Agreement with Security was entered on 01.04.2017, converting the advance into an interest-bearing loan for 12 months. The Corporate Debtor pledged 7,25,000 equity shares in Systematix Corporate Service Limited as security. The Corporate Debtor was required to repay the loan with 15% interest per annum, with an additional 2% charge on default. The Corporate Debtor made partial payments of Rs. 20,00,000
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Corporate Debtor availed…
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Findeal Investments Private Limited, claiming to be a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Satyamitra Stock Consultants Private Limited, the Corporate Debtor, for default in repayment of a loan amount. The Applicant sought initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed an interest-free advance from the Applicant, which was later converted into a loan agreement with security. The Corporate Debtor admitted to the debt but faced financial difficulties due to losses incurred on the sale of equity shares.
Findeal Investments Private Limited (the Applicant) claimed to be a Financial Creditor to Satyamitra Stock Consultants Private Limited (the Corporate Debtor). The Corporate Debtor availed an interest-free advance of Rs. 3,87,48,909/- from the Applicant until 31.03.2016, which was to be repaid on or after 01.04.2016. Due to the Corporate Debtor's failure to repay, a Loan Agreement with Security was entered on 01.04.2017, converting the advance into an interest-bearing loan for 12 months. The Corporate Debtor pledged 7,25,000 equity shares in Systematix Corporate Service Limited as security. The Corporate Debtor was required to repay the loan with 15% interest per annum, with an additional 2% charge on default. The Corporate Debtor made partial payments of Rs. 20,00,000
…Corporate Debtor availed…
Repayment of the…