The case involves a petition filed by Mr. Gongal Reddy Seshareddy (Financial Creditor) against M/s Sri Sai Sindhu Industries Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claims that the Corporate Debtor defaulted in repaying a sum of Rs. 60,00,000/- along with interest of Rs. 62,40,000/-, totaling Rs. 1,22,40,000/-. The Corporate Debtor acknowledged the loan and issued promissory notes, which were renewed periodically. The Corporate Debtor requested extensions and waivers of interest due to financial difficulties, but the Financial Creditor ultimately filed the petition for initiation of Corporate Insolvency Resolution Process (CIRP).
Mr. Gongal Reddy Seshareddy (Financial Creditor) extended a loan of Rs. 60,00,000/- to M/s Sri Sai Sindhu Industries Limited (Corporate Debtor) under a loan agreement dated 2011-05-30, with an interest rate of 12% per annum. The Corporate Debtor issued promissory notes for the loan, which were renewed periodically. The Corporate Debtor failed to repay the loan and interest, leading to a total outstanding amount of Rs. 1,22,40,000/-. The Financial Creditor issued notices for payment, but the Corporate Debtor requested extensions and waivers of interest due to financial difficulties. The Corporate Debtor acknowledged the loan and default but cited a downturn in its business as the reason for non-payment. The Financial Creditor filed a petition under Section 7 of the
…Sign in to view the parties.
Loan agreement executed between Mr. Gongal Reddy…
Financial Creditor informed the Corporate Debtor…
The case involves a petition filed by Mr. Gongal Reddy Seshareddy (Financial Creditor) against M/s Sri Sai Sindhu Industries Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claims that the Corporate Debtor defaulted in repaying a sum of Rs. 60,00,000/- along with interest of Rs. 62,40,000/-, totaling Rs. 1,22,40,000/-. The Corporate Debtor acknowledged the loan and issued promissory notes, which were renewed periodically. The Corporate Debtor requested extensions and waivers of interest due to financial difficulties, but the Financial Creditor ultimately filed the petition for initiation of Corporate Insolvency Resolution Process (CIRP).
Mr. Gongal Reddy Seshareddy (Financial Creditor) extended a loan of Rs. 60,00,000/- to M/s Sri Sai Sindhu Industries Limited (Corporate Debtor) under a loan agreement dated 2011-05-30, with an interest rate of 12% per annum. The Corporate Debtor issued promissory notes for the loan, which were renewed periodically. The Corporate Debtor failed to repay the loan and interest, leading to a total outstanding amount of Rs. 1,22,40,000/-. The Financial Creditor issued notices for payment, but the Corporate Debtor requested extensions and waivers of interest due to financial difficulties. The Corporate Debtor acknowledged the loan and default but cited a downturn in its business as the reason for non-payment. The Financial Creditor filed a petition under Section 7 of the
…Loan agreement executed between Mr. Gongal Reddy…
Financial Creditor informed the Corporate Debtor…