Reliance Commercial Finance Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Snowqueen Towers Private Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The corporate debtor had availed a loan of Rs. 3,51,00,000 from Reliance Capital Limited, the predecessor in interest of the applicant, and defaulted in repaying the amount. The outstanding amount in default was Rs. 3,45,60,304. The loan was secured by a mortgage on the corporate debtor's property. Despite repeated requests and notices, the corporate debtor failed to repay the amount due.
Reliance Commercial Finance Limited (Applicant), a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Snowqueen Towers Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor availed a loan of Rs. 3,51,00,000 from Reliance Capital Limited (predecessor in interest of the Applicant) vide loan agreement dated 28th November 2014. The loan was to be repaid in 175 monthly installments. The Corporate Debtor defaulted in repaying the loan, with an outstanding amount of Rs. 3,45,60,304. The Corporate Debtor mortgaged its property as security for the loan. Despite repeated requests and a loan recall notice dated 27.01.2018, the Corporate Debtor failed to
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Reliance Capital Limited extended a loan of Rs.…
Reliance Commercial Finance Limited issued a…
Reliance Commercial Finance Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Snowqueen Towers Private Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The corporate debtor had availed a loan of Rs. 3,51,00,000 from Reliance Capital Limited, the predecessor in interest of the applicant, and defaulted in repaying the amount. The outstanding amount in default was Rs. 3,45,60,304. The loan was secured by a mortgage on the corporate debtor's property. Despite repeated requests and notices, the corporate debtor failed to repay the amount due.
Reliance Commercial Finance Limited (Applicant), a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Snowqueen Towers Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor availed a loan of Rs. 3,51,00,000 from Reliance Capital Limited (predecessor in interest of the Applicant) vide loan agreement dated 28th November 2014. The loan was to be repaid in 175 monthly installments. The Corporate Debtor defaulted in repaying the loan, with an outstanding amount of Rs. 3,45,60,304. The Corporate Debtor mortgaged its property as security for the loan. Despite repeated requests and a loan recall notice dated 27.01.2018, the Corporate Debtor failed to
…Reliance Capital Limited extended a loan of Rs.…
Reliance Commercial Finance Limited issued a…