The case involves an application filed by Utsav Securities Private Limited, the Financial Creditor, against S.K.P.J. Investment & Finance Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The application seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The financial creditor disbursed a loan to the corporate debtor as per a loan agreement. The corporate debtor defaulted on repayment.
Utsav Securities Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against S.K.P.J. Investment & Finance Private Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had disbursed a loan of Rs. 10,00,000 to the Corporate Debtor on 08.12.2018 as per the loan agreement. The loan was disbursed from the bank account of the financial creditor to the bank account of the corporate debtor on 10.12.2018. The corporate debtor was granted the loan for a period of six months, with an interest rate of 9% p.a. The Corporate Debtor was liable to repay the entire outstanding amount as on 09.06.2019. The Corporate Debtor was also obliged to pay an
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Financial creditor had to disburse the loan…
Rs. 10,00,000 was disbursed from the bank…
The case involves an application filed by Utsav Securities Private Limited, the Financial Creditor, against S.K.P.J. Investment & Finance Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The application seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The financial creditor disbursed a loan to the corporate debtor as per a loan agreement. The corporate debtor defaulted on repayment.
Utsav Securities Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against S.K.P.J. Investment & Finance Private Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had disbursed a loan of Rs. 10,00,000 to the Corporate Debtor on 08.12.2018 as per the loan agreement. The loan was disbursed from the bank account of the financial creditor to the bank account of the corporate debtor on 10.12.2018. The corporate debtor was granted the loan for a period of six months, with an interest rate of 9% p.a. The Corporate Debtor was liable to repay the entire outstanding amount as on 09.06.2019. The Corporate Debtor was also obliged to pay an
…Financial creditor had to disburse the loan…
Rs. 10,00,000 was disbursed from the bank…