The Kalol Nagrik Sahakari Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Shakti Nutraceuticals Pvt. Ltd. The bank claimed that M/s. Shakti Nutraceuticals Pvt. Ltd. had defaulted on a loan of Rs. 1,05,00,000 granted on 18.03.2015. The application was filed due to the alleged default in repayment of the loan amount.
The Kalol Nagrik Sahakari Bank Limited extended a loan of Rs. 1,05,00,000 to M/s. Shakti Nutraceuticals Pvt. Ltd. on March 18, 2015. In support of this loan, the company and its two directors executed a Demand Promissory Note on the same date. Dhiren Kaniyalal Thakkar and Vinodchandra K. Pandya, directors of the respondent company, along with Gunvant Kantibhai Patel and Gitaben Gunvantbhai Patel, acted as guarantors for the loan. The guarantors also mortgaged their immovable property. The company agreed to pay interest at 13% per month and monthly installments of Rs. 87,500 commencing April 18, 2015. The agreement stipulated a penal interest of 3% for non-payment of installments. The bank issued demand notices on July 2, 2016, May 23, 2017, and June 20, 2017, but the
…Sign in to view the parties.
The Kalol Nagrik Sahakari Bank Limited gave a…
The Company and its two…
The Kalol Nagrik Sahakari Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Shakti Nutraceuticals Pvt. Ltd. The bank claimed that M/s. Shakti Nutraceuticals Pvt. Ltd. had defaulted on a loan of Rs. 1,05,00,000 granted on 18.03.2015. The application was filed due to the alleged default in repayment of the loan amount.
The Kalol Nagrik Sahakari Bank Limited extended a loan of Rs. 1,05,00,000 to M/s. Shakti Nutraceuticals Pvt. Ltd. on March 18, 2015. In support of this loan, the company and its two directors executed a Demand Promissory Note on the same date. Dhiren Kaniyalal Thakkar and Vinodchandra K. Pandya, directors of the respondent company, along with Gunvant Kantibhai Patel and Gitaben Gunvantbhai Patel, acted as guarantors for the loan. The guarantors also mortgaged their immovable property. The company agreed to pay interest at 13% per month and monthly installments of Rs. 87,500 commencing April 18, 2015. The agreement stipulated a penal interest of 3% for non-payment of installments. The bank issued demand notices on July 2, 2016, May 23, 2017, and June 20, 2017, but the
…The Kalol Nagrik Sahakari Bank Limited gave a…
The Company and its two…