M/s. Vaaman Capital, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Spring Field Shelters Private Limited, the corporate debtor, due to a default in repayment of ₹26,29,189. The date of default was mentioned as 2017-02-10. The corporate debtor had availed a loan of ₹46,00,000 in May 2016, repayable in 24 weekly installments with an interest rate of 22% per annum. The corporate debtor provided 24 post-dated cheques of ₹2,50,000 each, totaling ₹50,00,000, including principal and interest, along with 3 blank cheques as security.
M/s. Vaaman Capital (Financial Creditor) extended a loan of ₹46,00,000 to M/s. Spring Field Shelters Pvt. Ltd. (Corporate Debtor) in May 2016. The loan was to be repaid in 24 weekly installments at an interest rate of 22% per annum. The Corporate Debtor provided 24 post-dated cheques amounting to ₹50,00,000, including principal and interest, and 3 blank cheques as security. The Corporate Debtor defaulted on 2017-02-10, with an outstanding amount of ₹26,29,189. The Financial Creditor filed an application under Section 7 of the IBC to initiate CIRP. The Corporate Debtor claimed to have made cash payments not reflected in the accounts and argued that the interest rate was exorbitant under the Tamilnadu Money Lenders Act. The Corporate Debtor also contended that the loan
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Corporate Debtor…
Corporate Debtor…
M/s. Vaaman Capital, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Spring Field Shelters Private Limited, the corporate debtor, due to a default in repayment of ₹26,29,189. The date of default was mentioned as 2017-02-10. The corporate debtor had availed a loan of ₹46,00,000 in May 2016, repayable in 24 weekly installments with an interest rate of 22% per annum. The corporate debtor provided 24 post-dated cheques of ₹2,50,000 each, totaling ₹50,00,000, including principal and interest, along with 3 blank cheques as security.
M/s. Vaaman Capital (Financial Creditor) extended a loan of ₹46,00,000 to M/s. Spring Field Shelters Pvt. Ltd. (Corporate Debtor) in May 2016. The loan was to be repaid in 24 weekly installments at an interest rate of 22% per annum. The Corporate Debtor provided 24 post-dated cheques amounting to ₹50,00,000, including principal and interest, and 3 blank cheques as security. The Corporate Debtor defaulted on 2017-02-10, with an outstanding amount of ₹26,29,189. The Financial Creditor filed an application under Section 7 of the IBC to initiate CIRP. The Corporate Debtor claimed to have made cash payments not reflected in the accounts and argued that the interest rate was exorbitant under the Tamilnadu Money Lenders Act. The Corporate Debtor also contended that the loan
…Corporate Debtor…
Corporate Debtor…