Heimdall Advisory Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sharadamba Developers Private Limited. The application was based on a default of Rs. 2,13,07,397.26, including interest, arising from a loan agreement dated 01.12.2016. The Financial Creditor and Corporate Debtor had entered into an agreement where the Financial Creditor agreed to lend Rs. 60,00,000 to the Corporate Debtor as a short-term loan. The initial tenure was 90 days, extendable by the Financial Creditor, but this was never done. The loan carried a 20% per quarter interest rate. The Corporate Debtor failed to repay the loan despite reminders and a formal demand notice. The
…Heimdall Advisory Pvt. Ltd. (Financial Creditor) sought to initiate CIRP against Sharadamba Developers Pvt. Ltd. (Corporate Debtor) due to a default of Rs. 2,13,07,397.26. On 01.12.2016, the parties entered into a loan agreement where the Financial Creditor agreed to lend Rs. 60,00,000 to the Corporate Debtor as a short-term loan with a 20% per quarter interest rate. The initial tenure was 90 days, but no extension was granted. The Corporate Debtor failed to repay the loan despite reminders and a formal demand notice issued on 03.03.2017. The Corporate Debtor acknowledged the debt in a letter dated 09.03.2017, but expressed inability to repay. The Corporate Debtor was also in the process of being struck off from the register of companies. Pramerica, a shareholder in
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Heimdall Advisory Pvt. Ltd. and Sharadamba…
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Heimdall Advisory Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sharadamba Developers Private Limited. The application was based on a default of Rs. 2,13,07,397.26, including interest, arising from a loan agreement dated 01.12.2016. The Financial Creditor and Corporate Debtor had entered into an agreement where the Financial Creditor agreed to lend Rs. 60,00,000 to the Corporate Debtor as a short-term loan. The initial tenure was 90 days, extendable by the Financial Creditor, but this was never done. The loan carried a 20% per quarter interest rate. The Corporate Debtor failed to repay the loan despite reminders and a formal demand notice. The
…Heimdall Advisory Pvt. Ltd. (Financial Creditor) sought to initiate CIRP against Sharadamba Developers Pvt. Ltd. (Corporate Debtor) due to a default of Rs. 2,13,07,397.26. On 01.12.2016, the parties entered into a loan agreement where the Financial Creditor agreed to lend Rs. 60,00,000 to the Corporate Debtor as a short-term loan with a 20% per quarter interest rate. The initial tenure was 90 days, but no extension was granted. The Corporate Debtor failed to repay the loan despite reminders and a formal demand notice issued on 03.03.2017. The Corporate Debtor acknowledged the debt in a letter dated 09.03.2017, but expressed inability to repay. The Corporate Debtor was also in the process of being struck off from the register of companies. Pramerica, a shareholder in
…Heimdall Advisory Pvt. Ltd. and Sharadamba…
The Corporate…
Sign in to view related legal provisions.