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 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 approached the financial creditor in May 2016 for a loan of ₹46,00,000, repayable in 24 weekly installments at 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.
In May 2016, Spring Field Shelters Private Limited (Corporate Debtor) approached Vaaman Capital (Financial Creditor) for a loan of ₹46,00,000 to meet urgent business requirements. The Financial Creditor agreed to lend the amount, repayable in 24 weekly installments at 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. The date of default in repayment was 2017-02-10, with an outstanding amount of ₹26,29,189. The Financial Creditor filed an application under Section 7 of the IBC, 2016, to initiate CIRP. The Corporate Debtor claimed to have paid ₹33,50,000 between May 2016 and February 2017, and an additional ₹10,07,000
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Corporate Debtor…
Corporate Debtor…
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 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 approached the financial creditor in May 2016 for a loan of ₹46,00,000, repayable in 24 weekly installments at 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.
In May 2016, Spring Field Shelters Private Limited (Corporate Debtor) approached Vaaman Capital (Financial Creditor) for a loan of ₹46,00,000 to meet urgent business requirements. The Financial Creditor agreed to lend the amount, repayable in 24 weekly installments at 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. The date of default in repayment was 2017-02-10, with an outstanding amount of ₹26,29,189. The Financial Creditor filed an application under Section 7 of the IBC, 2016, to initiate CIRP. The Corporate Debtor claimed to have paid ₹33,50,000 between May 2016 and February 2017, and an additional ₹10,07,000
…Corporate Debtor…
Corporate Debtor…