Hero FinCorp Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Steel Konnect (India) Private Limited. The petition was based on a default in repayment of a loan provided by Hero FinCorp to Steel Konnect under a Master Facility Agreement dated 18.12.2015. The agreement stipulated that Hero FinCorp would advance a loan of Rs. 7,00,00,000 to Steel Konnect, secured by a hypothecation lien on machinery. Steel Konnect also furnished personal guarantees to repay the loan. Supplementary agreements were also executed on 18.12.2015 and 29.12.2015, specifying repayment terms within 60 months. Hero FinCorp disbursed Rs. 1,10,14,570 to Steel Konnect's bank account and Rs. 5,53,99,250 to Anupam Industries Ltd. Steel Konnect defaulted on
…Hero FinCorp Limited (Financial Creditor) entered into a Master Facility Agreement with Steel Konnect (India) Private Limited (Corporate Debtor) on 18.12.2015, agreeing to provide a loan of Rs. 7,00,00,000. The loan was secured by a hypothecation lien on machinery and personal guarantees. Supplementary agreements were also executed on 18.12.2015 and 29.12.2015, specifying repayment terms within 60 months. Hero FinCorp disbursed Rs. 1,10,14,570 to Steel Konnect's bank account and Rs. 5,53,99,250 to Anupam Industries Ltd. Steel Konnect defaulted on monthly installments from November 2016. Hero FinCorp terminated the agreement on 13.01.2017 and invoked arbitration. Hero FinCorp filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate
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Hero FinCorp and Steel Konnect entered into a…
Corporate Debtor furnished Personal Guarantees…
Hero FinCorp Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Steel Konnect (India) Private Limited. The petition was based on a default in repayment of a loan provided by Hero FinCorp to Steel Konnect under a Master Facility Agreement dated 18.12.2015. The agreement stipulated that Hero FinCorp would advance a loan of Rs. 7,00,00,000 to Steel Konnect, secured by a hypothecation lien on machinery. Steel Konnect also furnished personal guarantees to repay the loan. Supplementary agreements were also executed on 18.12.2015 and 29.12.2015, specifying repayment terms within 60 months. Hero FinCorp disbursed Rs. 1,10,14,570 to Steel Konnect's bank account and Rs. 5,53,99,250 to Anupam Industries Ltd. Steel Konnect defaulted on
…Hero FinCorp Limited (Financial Creditor) entered into a Master Facility Agreement with Steel Konnect (India) Private Limited (Corporate Debtor) on 18.12.2015, agreeing to provide a loan of Rs. 7,00,00,000. The loan was secured by a hypothecation lien on machinery and personal guarantees. Supplementary agreements were also executed on 18.12.2015 and 29.12.2015, specifying repayment terms within 60 months. Hero FinCorp disbursed Rs. 1,10,14,570 to Steel Konnect's bank account and Rs. 5,53,99,250 to Anupam Industries Ltd. Steel Konnect defaulted on monthly installments from November 2016. Hero FinCorp terminated the agreement on 13.01.2017 and invoked arbitration. Hero FinCorp filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate
…Hero FinCorp and Steel Konnect entered into a…
Corporate Debtor furnished Personal Guarantees…